Latest news with #OmniLogistics
Business Wire
4 hours ago
- Business
- Business Wire
Forward Air and Omni Logistics Combine Service Offerings to Deliver Value for Global Athletics Leader
GREENEVILLE, Tenn.--(BUSINESS WIRE)--Forward Air Corporation (NASDAQ: FWRD) ('we,' 'us,' 'our,' the 'Company' or 'Forward Air') announced today that it has secured a distribution services award and new full truckload business from a global athletics leader, showcasing the combined strength of its service offerings in combination with Omni Logistics (a Forward Air company). As part of the new agreement, Omni Logistics will provide distribution services for the customer, supporting 18 different retail locations in 4 states, with a daily white-glove store replenishment program. In addition, Omni was able to offer a nationwide full truckload service to their customer, via Forward Air. Forward Air was selected as the primary full truckload carrier on multiple US lanes. 'With Forward Air and Omni now integrated, the combined service offerings, network, and capacity deliver real value for our customers,' said Eric Brandt, Chief Commercial Officer of Forward Air. 'Our teams work together to create and coordinate solutions. With the strength of our combined company, we can support nearly any logistics need.' About Forward Air Forward Air is a leading asset-light provider of transportation services across the United States, Canada and Mexico. We provide expedited less-than-truckload services, including local pick-up and delivery, shipment consolidation/deconsolidation, warehousing, and customs brokerage by utilizing a comprehensive national network of terminals. In addition, we offer truckload brokerage services, including dedicated fleet services, and intermodal, first and last-mile, high-value drayage services, both to and from seaports and railheads, dedicated contract and Container Freight Station warehouse and handling services. Forward Air also operates a full portfolio of multimodal solutions, both domestically and internationally, via Omni Logistics. Omni Logistics is a global provider of air, ocean and ground services for mission-critical freight. We are more than a transportation company. Forward Air is a single resource for your shipping needs. For more information, visit our website at Note Regarding Forward-Looking Statements This press release contains 'forward-looking statements' within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: 'anticipate,' 'intend,' 'plan,' 'goal,' 'seek,' 'believe,' 'project,' 'estimate,' 'expect,' 'strategy,' 'future,' 'likely,' 'may,' 'should,' 'will' and similar references to future periods. Forward-looking statements included in this communication relate to the Company's expectations regarding the impact of the new agreement and the fulfillment of the obligations of the Company and Omni Logistics thereunder. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not unduly rely on any of these forward-looking statements. The following is a list of factors, among others, that could cause actual results to differ materially from those contemplated by the forward-looking statements: economic factors such as recently imposed tariffs and potential escalation from trading partners; the risks associated with the uncertainty surrounding trade policy, including the extent to which increased tariffs will affect the Company's operations and strategic plan; risks associated with the Company's limited visibility to the impact of tariffs on third-party shipments; recessions, inflation, higher interest rates and downturns in customer business cycles; continued weakening of the freight environment; the creditworthiness of our customers and their ability to pay for services rendered; the availability and compensation of qualified Leased Capacity Providers and freight handlers as well as contracted, third-party carriers needed to serve our customers' transportation needs; our inability to manage our information systems and inability of our information systems to handle an increased volume of freight moving through our network; the occurrence of cybersecurity risks and events; market acceptance of our service offerings; claims for property damage, personal injuries or workers' compensation; enforcement of and changes in governmental regulations, environmental, tax, insurance and accounting matters; the handling of hazardous materials; changes in fuel prices; increasing competition, and pricing pressure; our dependence on our senior management team and the potential effects of changes in employee status; seasonal trends and the occurrence of certain weather events; restrictions in our charter and bylaws and the risks described in our Annual Report on Form 10-K for the year ended December 31, 2024, and as may be identified in our subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. We caution readers that any forward-looking statement made by us in this communication is based only on information currently available to us and they should not place undue reliance on these forward-looking statements, which reflect management's opinion as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise unless required by law.
Business Wire
6 days ago
- Business
- Business Wire
Forward Air Announces Expanded Partnership With Leader in Package Delivery Services
GREENEVILLE, Tenn.--(BUSINESS WIRE)--Forward Air Corporation (NASDAQ: FWRD) ('we,' 'us,' 'our,' the 'Company' or 'Forward Air') announced today that it has secured a substantial award from a leader in the package delivery services industry. As part of the new award, Forward Air expects to transport more than 15,000 expedited full truckload shipments across its customer's national network on an annual basis. This award is expected to increase revenue substantially on a year-over-year basis with this renowned customer – a testament to Forward Air's exceptional service, support, and solutions. 'We are incredibly proud to build this level of trust with our customers,' said Eric Brandt, Chief Commercial Officer of Forward Air. 'It simply wouldn't be possible without a fully committed team that's focused on understanding our customers and delivering solutions. We are thrilled to continue growing this partnership through 2025 and beyond.' About Forward Air Forward Air is a leading asset-light provider of transportation services across the United States, Canada and Mexico. We provide expedited less-than-truckload services, including local pick-up and delivery, shipment consolidation/deconsolidation, warehousing, and customs brokerage by utilizing a comprehensive national network of terminals. In addition, we offer truckload brokerage services, including dedicated fleet services, and intermodal, first and last-mile, high-value drayage services, both to and from seaports and railheads, dedicated contract and Container Freight Station warehouse and handling services. Forward Air also operates a full portfolio of multimodal solutions, both domestically and internationally, via Omni Logistics. Omni Logistics is a global provider of air, ocean and ground services for mission-critical freight. We are more than a transportation company. Forward Air is a single resource for your shipping needs. For more information, visit our website at Note Regarding Forward-Looking Statements This press release contains 'forward-looking statements' within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: 'anticipate,' 'intend,' 'plan,' 'goal,' 'seek,' 'believe,' 'project,' 'estimate,' 'expect,' 'strategy,' 'future,' 'likely,' 'may,' 'should,' 'will' and similar references to future periods. Forward-looking statements included in this communication relate to the Company's expectations regarding the impact of the new agreement on the Company's truckload shipment volume and future revenue. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not unduly rely on any of these forward-looking statements. The following is a list of factors, among others, that could cause actual results to differ materially from those contemplated by the forward-looking statements: economic factors such as recently imposed tariffs and potential escalation from trading partners; the risks associated with the uncertainty surrounding trade policy, including the extent to which increased tariffs will affect the Company's operations and strategic plan; risks associated with the Company's limited visibility to the impact of tariffs on third-party shipments; recessions, inflation, higher interest rates and downturns in customer business cycles; continued weakening of the freight environment; the creditworthiness of our customers and their ability to pay for services rendered; the availability and compensation of qualified Leased Capacity Providers and freight handlers as well as contracted, third-party carriers needed to serve our customers' transportation needs; our inability to manage our information systems and inability of our information systems to handle an increased volume of freight moving through our network; the occurrence of cybersecurity risks and events; market acceptance of our service offerings; claims for property damage, personal injuries or workers' compensation; enforcement of and changes in governmental regulations, environmental, tax, insurance and accounting matters; the handling of hazardous materials; changes in fuel prices; increasing competition, and pricing pressure; our dependence on our senior management team and the potential effects of changes in employee status; seasonal trends and the occurrence of certain weather events; restrictions in our charter and bylaws and the risks described in our Annual Report on Form 10-K for the year ended December 31, 2024, and as may be identified in our subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. We caution readers that any forward-looking statement made by us in this communication is based only on information currently available to us and they should not place undue reliance on these forward-looking statements, which reflect management's opinion as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise unless required by law.
Yahoo
23-07-2025
- Business
- Yahoo
Private equity bids for Forward Air rolling in, report says
Shares of Forward Air were up 10% in late-day trading on Wednesday following a Reuters report that 'a handful of private equity firms' have submitted bids to acquire the trucking and logistics company. Potential buyers were reported to include Clearlake Capital, which holds a 13% stake in the company. Also, buyout firms, including Apollo Global Management (NASDAQ: APO) were reported to have submitted bids. Activist investors have pushed Forward Air (NASDAQ: FWRD) to entertain a sale or other strategic alternatives following its heavily contested merger with Omni Logistics. That deal, which was announced in August 2023, was quickly panned by shareholders as well as some of Forward's legacy customers. Forward's shareholders took issue with the way the transaction was structured as it circumvented their vote. They also had concerns that the deal placed a large debt burden on Forward (a 5.3 times net debt leverage ratio at the end of the 2025 first quarter) and gave Omni's private equity backers voting control. The merger eventually closed in January 2024 after months of litigation, including efforts from Forward to get out of the deal. Forward announced a strategic review earlier this year, but activists said that was too late and claimed the company was 'slow-walking' the process after months of pressure. Activists were successful in forcing three directors – who they blamed for 'massive value destruction' as a result of the ill-conceived merger – to resign from the board last month. The departing board members included Chairman George Mayes, who was voted out by shareholders at the company's annual election. At the same election, shareholders approved the company's reincorporation to Delaware, which may make it easier to sell given the state's favorable corporate governance policies. Forward's stock traded at $110 per share before the deal was announced in 2023. Shares slumped more than 40% in the months following the announcement, later cratering further once the deal closed in early 2024. The stock gapped below $10 shortly after Liberation Day tariffs were announced in April, but has steadily stepped higher in recent weeks as takeout speculation has ramped. Shares stood at $30.60 late in the session on Wednesday. Analysts and investors have told FreightWaves that shares of Forward could be valued at $40, or higher, in a takeout scenario. The back-of-the-envelope math assumes a low-double-digit multiple on the company's roughly $300 million in annual earnings before interest, taxes, depreciation and amortization. Backing out roughly $1.6 billion of net debt from a more than $3 billion enterprise value leaves equity value somewhere between $1.5 billion and $2 billion. (The company has roughly 42 million shares on a fully diluted basis.) Forward is scheduled to release second-quarter results on Aug. 11. FreightWaves has reached out to Forward Air for comment. More FreightWaves articles by Todd Maiden: FedEx Freight gives shippers 'more time' to adjust to new LTL class rules New LTL freight class rules take effect on Saturday ArcBest CEO Judy McReynolds to retire The post Private equity bids for Forward Air rolling in, report says appeared first on FreightWaves.
Yahoo
09-05-2025
- Business
- Yahoo
Ancora Urges Shareholders to Oust Forward Air Chair on Omni Deal, Slow Sale Process
Activist investor Ancora Holdings Group is calling on shareholders of Forward Air Corporation to sack chairman George Mayes and two other board members, citing a distrust in their ability to 'support a credible strategic review.' The Forward Air board first initiated a strategic review of its business in January, after multiple activist investors including Ancora had called for the company to consider other options, including selling the company. More from Sourcing Journal Chain Reaction: UniUni's Scott Wang on Building Smarter Supply Chains with AI and Automation Byte-Sized AI: Elm AI Gets $2M for Supply Chain Sustainability; Agentic AI Continues Its Rise J.B. Hunt Says Most Customers 'Waiting for the Dust to Settle' on Tariffs In a letter to Forward shareholders, Ancora said it would vote against Mayes and directors Javier Polit and Laurie Tucker for reelection at the upcoming annual shareholders meeting on June 11. Directors would be required to resign if they don't secure 50.1 percent of the votes. Shares rose 4 percent in morning trading Wednesday after the release of the letter. Sourcing Journal reached out to Forward Air Corp. Ancora maintains that the three 'unfit legacy directors' cannot be trusted to make decisions that benefit shareholders, citing their support for the 'disastrous,' litigation-filled acquisition of Omni Logistics and the resistance to public calls for a strategic review last year. Ancora, which a 4.1 percent stake in the company, is one of four minority shareholders that have sought a shakeup at Forward Air over the past year. 'In the four months since its [strategic review] announcement, the board has moved alarmingly slowly, causing us to become deeply troubled by its apparent inability or unwillingness to advance shareholders' best interests,' the Ancora representatives said. 'We fear that the board has not even entered into non-disclosure agreements with any interested parties as of the date of this letter.' Frederick DiSanto, chairman and CEO of Ancora Holdings Group, and James Chadwick, president of Ancora Alternatives, penned the letter. The hedge fund says it wants to send the board a message that 'the status quo is unacceptable in light of the significant value that has been destroyed' by the company. The $2.1 billion Omni Logistics deal generated scrutiny from shareholders and Forward Air customers alike from the time it was first announced in August 2023, ultimately leading to the departure of the CEOs at both companies. Forward Air's stock price has reflected the sentiment, cratering more than 80 percent since the initial announcement. 'The Omni transaction was egregious for Forward Air shareholders from the beginning, as evidenced by the fact that it was intentionally structured to avoid a pre-closing shareholder vote, was funded by a whopping $1.85 billion in debt and effectively coerced shareholders to vote for their own dilution,' said Ancora. 'The deal incurred substantial earnings quality risk and introduced significant potential competitive disadvantages for the company's core domestic freight forwarding customers.' In the letter, Ancora also claimed that the board was 'slow-walking the company's sale process,' calling out the directors' 'alarming' lack of urgency in pursuing a sale. The wealth management firm pointed to the fact that it took the board three months after hiring Goldman Sachs to announce a formal sale process. Additionally, Ancora called the logistics service's provider's balance sheet an 'acute concern.' As of the company's fourth quarter, total long-term debt was $1.68 billion. 'The longer inaction persists, the more likely it becomes that Forward Air encounters further distress and negative financial and operational outcomes,' said Ancora. 'We continue to believe that the private market is the best place for Forward Air to fix its balance sheet issues, improve operations and profitability, and serve customers and other stakeholders.' The hedge fund said there was no reason Forward Air should not expedite its sale process, especially since multiple private equity firms are shareholders. To avoid interfering with a possible sale process, Ancora says it chose not to nominate new director candidates for election to the Board this year. Ancora's concerns have been lobbied by other hedge funds. Between Ancora, Alta Fox, Clearlake Capital Group and Irenic Capital Management, roughly 25 percent of Forward Air's outstanding shares have publicly voiced support for exploring strategic alternatives. Ancora has had its hand in a few recent board battles within the apparel supply chain. Last year, three director nominees were voted in at Norfolk Southern after a months-long proxy fight. The hedge fund also sought to replace Pitney Bowes CEO Marc Lautenbach two years ago, and while their own candidate wasn't selected, Lautenbach stepped down. And in late 2022, Ancora sought to replace then-Kohl's CEO Michelle Gass, who ultimately left the company for Levi's two months after the push. Forward Air will first-quarter post earnings aftermarket on Wednesday. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
08-05-2025
- Business
- Yahoo
Forward Air touts Q1 achievements, investors await next steps
Forward Air saw modest improvements on some financial metrics during the first quarter, but pressure from investors is mounting for the company to complete a strategic review of potential options for its business following a controversial merger with Omni Logistics. Activist investor Ancora Holdings Group, which holds a 4.1% equity stake in the Greeneville, Tennessee-based company, advised shareholders on Wednesday to vote against three of Forward's directors at the upcoming annual meeting. A letter said that while both the board and the management team have been somewhat refreshed following the deal's January 2024 closing, the targeted board members' 'egregious M&A records' and 'histories of presiding over massive value destruction' warrant their removal. The letter also said the board had moved 'alarmingly slowly' on its review of strategic alternatives, and it questioned the ultimate motives of the process. Management from the company didn't provide an update on the review other than to say the process continues and that it has had discussions with interested parties. 'The board and management team are entirely focused on taking deliberate actions to maximize shareholder value,' said Forward CEO Shawn Stewart on a Wednesday evening call with analysts. … 'We firmly believe that all of our directors are vital to these efforts.' Forward (NASDAQ: FWRD) reported a first-quarter net loss from continuing operations of $61 million, or $1.68 per share, Wednesday after the market closed. Consolidated revenue of $613 million was up 13% year over year, but the prior-year period didn't include a full three-month contribution from Omni. (Revenue was off approximately 2% y/y on a pro forma comparison.) Forward said it plans to start reporting results by mode – ground transportation, air and ocean forwarding, intermodal drayage, and warehousing and value-added services – in the future. It also said it sees a path to double annual revenue to $5 billion over the next five years. The company previously flagged 10% to 15% of last year's revenue as being impacted by recent tariff announcements. However, it said on the call that the number is likely under 10% and that the provided range offers a bit of a buffer. Table: Forward Air's key performance indicators The expedited segment, which includes less-than-truckload operations, reported a 9% y/y revenue decline to $249 million. Tonnage was down 9% while revenue per hundredweight, or yield, increased 2.5% y/y excluding fuel surcharges (up 4% from the fourth quarter). Forward has been focused on increasing shipment weights (up 2% y/y in the quarter) and implementing corrective price actions.
