Forward Air sells Final Mile business to Hub Group for $262M

FORWARD AIR CORP

Final Mile sold to Hub Group for $262M cash; transaction closed Dec 20, 2023.
Final Mile generated ~$289M revenue in 12 months ended Sep 30, 2023.
Business has ~45 locations and over 640 employees transferring to Hub Group.
Final Mile revenue grew over 150% since inception in 2019, CEO cites corporate clarity.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

FORWARD AIR CORP entered into Equity Purchase Agreement with Hub Group, Inc. valued at $262,000,000 (effective 2023-12-20).

Action: entry
Agreement: asset purchase
Counterparty: Hub Group, Inc.
Value: $262,000,000
Effective: 2023-12-20

Exact text from the filing

On December 20, 2023, Forward Air Corporation, a Tennessee corporation (the “Company”) and certain of the Company’s subsidiaries entered into an Equity Purchase Agreement (the “Purchase Agreement”) with Hub Group, Inc., a Delaware corporation (the “Purchaser”), pursuant to which the Purchaser acquired all of the issued and outstanding equity interests of the companies constituting the Company’s Final Mile business for an aggregate cash purchase price of $262,000,000

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279 material agreements filed in the last 30 days. Browse all material agreements →

FORWARD AIR CORP filing history →

Source: SEC EDGAR

accession 0001193125-23-304001

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