Benzinga | Nov 3, 2021 05:53PM EDT

Forward Air Acquires BarOle Trucking, TKI Intermodal For Undisclosed Sum

* Forward Air Corp (NASDAQ:FWRD) has entered into two separate agreements to acquire the assets of BarOle Trucking, Inc. and the trucking-related assets of TKI Intermodal, LLC. Financial terms were not disclosed.

* Forward Air noted that the acquisitions are a part of its strategy focused on infrastructure investment to advance intermodal transportation capabilities while also gaining additional storage yards, chassis, and drivers.

* The company expects the acquisitions to add $25 million in revenue and more than 82 new employees, including 95 drivers quadrupling its total number of drivers in the Minneapolis Intermodal market.

* Forward Air expects both acquisitions to provide additional capacity and resources to meet current customer demands in the intermodal market and extend Forward's service footprint in the Minneapolis--Saint Paul, Minnesota area.

* Forward Air is currently evaluating the potential to consolidate its post-closing Minnesota operations into a single location.

* Forward Air held cash and cash equivalents of $51.93 million as of September 30, 2021.

* The company expects the BarOle acquisition to close in December. TKI deal closed in October 2021.

* Price Action: FWRD shares closed lower by 0.87% at $105.41 on Wednesday.