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Forward Air Corp Acquires Total Quality, Inc


Monday, 4 Mar 2013 09:15am EST 

Forward Air Corp announced that it has acquired Total Quality, Inc. (TQI), provider of maximum security and temperature-controlled services to the pharmaceutical and life science industries. Headquartered in Grand Haven, MI, TQI had 2012 revenues of approximately of $54.8 million. The purchase price was $66 million (or approximately 8x TQI`s 2012 adjusted EBITDA) plus an earn-out of up to $5 million based upon TQI`s performance in 2013 and 2014. TQI was acquired on a cash free, debt free basis with an adjustment for working capital. The transaction will be funded by Forward Air`s cash reserves and is expected to be accretive to its 2013 earnings. 

Company Quote

48.81
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18 Dec 2014