Forward Air Corporation has signed an agreement to purchase Central States Trucking Company and Central States Logistics, it announced Thursday.
Bruce Campbell, chairman, president and chief executive officer of Forward Air Corporation, stated, “We are very excited about the acquisition of CST. For a number of years, we have had the desire to enter the drayage space via purchase of a company with a scalable platform. CST not only provides that platform, but does so while achieving the high margins and low asset intensity that our shareholders have come to expect from us.”
CST provides container and intermodal drayage services in the Midwest and linehaul service within the airport-to-airport space and contract and warehouse services. The company reported $66 million in revenue for 2013.
Forward Air said the purchase price is $95.6 million and that the deal will close in the first quarter of this year.
Bryan Grane, president and CEO of CST, stated, “We are extremely pleased to join the Forward Air team. We feel that combined with Forward Air’s strengths in expedited linehaul and final mile LTL solutions, our new partnership will allow CST to more quickly achieve our corporate vision to be the market leader in international supply-chain trucking and warehousing.”
Forward Air to buy Central States
