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Forward Air Corp to acquire Central States Trucking


Thursday, 23 Jan 2014 04:05pm EST 

Forward Air Corp:Says it has signed a definitive agreement to acquire all of the stock of Central States Trucking Company and Central States Logistics, Inc., (collectively referred to as CST in this release), from Central States Inc.Says CST provides container and intermodal drayage services primarily within the Midwest region of the United States.Says CST provides linehaul service within the airport-to-airport space, as well as, dedicated contract and Container Freight Station warehouse services.Says the purchase price will be $95.6 million, which is about eight times 2013 adjusted EBITDA.Says CST will be acquired on a cash-free, debt-free basis with an adjustment for working capital.Says the transaction will be funded by Forward Air`s cash reserves and is expected to be accretive to its 2014 earnings.Says it is anticipated that the transaction will close in the first quarter of 2014. 

Company Quote

46.97
-1.31 -2.71%
19 Sep 2014