Forward Air to acquire substantially all assets of Linn Star
Forward Air Corporation announced that it has entered into an agreement to acquire substantially all of the assets of Linn Star Holdings, Inc., Linn Star Transfer, Inc. and Linn Star Logistics, LLC, a privately held final mile provider for cash consideration of $57.2M. The transaction will not include LSHI's California operations. The closing of the transaction is subject to customary closing conditions, including, but not limited to, compliance with the covenants and agreements in the definitive agreement. It is anticipated that the transaction will be funded from cash on hand and will close in January 2020. With respect to this acquisition's anticipated impact on Forward Air's operating results, Michael J. Morris, CFO, said, "We anticipate that the acquired operations will generate approximately $90M of revenue and $8.3M of EBITDA on an annualized basis. LSHI will be assigned to the final mile division of the Expedited LTL segment."