Forward Air Corporation Acquires Linn Star “LSHI” for $57.2 Million
Forward Air Corporation (NASDAQ:FWRD) 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 (collectively referred to as “LSHI”), for cash consideration of $57.2 million. The transaction will not include LSHI’s California operations. Finalizing the transaction is subject to customary closing conditions, but is anticipated to close in January 2020.
“We are excited to join the Forward team. We believe the synergies achieved by combining our operations with Forward will allow Forward to further its strategy to be a world class final mile solution provider,” commented Dennis Munson, founder and CEO of Linn Star.
Tom Schmitt, Chairman, President and CEO of Forward Air said, “I am thrilled to welcome all Linn Star team members to our family.” Mr. Schmitt went on to share that they have expanded footprint, growing from “8 to 83 markets” in the past 12 months.
Randal J. Scholer
Matthew J. Adam
Thomas N. DeBoom