Forward Air Corporation

Forward Air Corporation

Forward Air Corporation

Overview
Date Founded

1981

Headquarters

1915 Snapps Ferry Road, Building N,Greeneville, TN 37745-1824

Type of Company

Public

Employees (Worldwide)

5,369

Industries

Other Transportation
Other Business & Consulting Services
Shipping & Delivery

Company Description

Forward Air Corp. engages in the provision of less-than-truckload (LTL), truckload, intermodal and pool distribution services. It operates through the following four segments: Expedited LTL, Truckload Premium Services (TLS), Intermodal, and Pool Distribution. The Expedited LTL segment offers customers local pick-up, delivery, and services including shipment consolidation and deconsolidation, warehousing, customs brokerage, and handling. The TLS segment offers expedited truckload brokerage, dedicated fleet, as well as high security and temperature controlled logistics services. The Intermodal segment provides first and last-mile high value intermodal container drayage services to and from seaports and railheads. The Pool Distribution segment provides in handling and distribution of time sensitive product. The company was founded by Scott M. Niswonger on October 23, 1981 and is headquartered in Greeneville, TN.

Contact Data
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Executives & Employees

Chairman, President & Chief Executive Officer

Chief Financial Officer & Treasurer

Chief Operating Officer

Chief Commercial Officer

Senior Vice President, Chief Legal Officer & Secretary

Chief Accounting Officer, Vice President & Controller

Partner

Director of Logistics

Director

Director

Board of Directors

Chairman, President & Chief Executive Officer at Forward Air Corporation

Senior Executive Vice President & Chief Operating Officer at Delta Air Lines, Inc.

Professional at Aircastle Ltd.

Director, Development for the Center for Supply Chain Research at The Pennsylvania State University

Chief Executive Officer & Director at Omega Sports, Inc.

Professional at Warrior Met Coal, Inc.

Professional at Forward Air Corporation

Professional at Forward Air Corporation

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Owners & Shareholders
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Founded in 2007, ArrowMark Partners is an SEC-registered investment adviser headquartered in Denver, CO and adviser to the Meridian Funds family. The founding partners have worked together since 1995.

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DePrince, Race & Zollo (DRZ) follows a value income methodology with all of its value-income strategies. This value income philosophy is based on a belief that undervalued stocks with an above-average dividend yield and the existence of an imminent fundamental catalyst provide the opportunity for increased total returns with reduced volatility. Investments are selected based on three criteria: (1) low long-term relative valuation, (2) above average dividend yield, and (3) the existence of an imminent fundamental catalyst. The firm offers the following investment strategies: US Large-Cap Value, US Small-Cap Value, US Micro-Cap Value, US Small/Mid-Cap Value, International Value, International Small-Cap Value, Global Value, Emerging Markets Value, and DRZ Long/Short. Client portfolios are actively managed and are generally invested in equities subject to the investment strategy, objective selected and any investment restrictions or guidelines imposed by the client.

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Dalton, Greiner, Hartman, Maher & Co. (DGHM) is a fundamental, value-driven, equity investment manager that employs a disciplined approach to purchase high quality companies at compelling valuations. The firm combines the use of quantitative tools with rigorous fundamental analysis to generate excess returns with managed risk. DGHM emphasizes intensive security analysis and strict valuation disciplines in structuring portfolios.DGHM's investment process begins by defining the universe of potential equity securities based on the market-cap guidelines for each product. The firm uses a proprietary multi-factor model that ranks their universe of equity securities by sector on valuation, profitability and capital efficiency. They then use a fundamental approach based on evaluation of historical financial data, regulatory filings, press releases, transcripts and company meetings to determine which securities warrant further due diligence. Once a security is selected DGHM develops an internal financial model and conducts valuation analysis. The firm will sell a stock if their multi-factor model indicated that an acceptable trade-off of valuation and profitability no longer exists, if the company's fundamentals are deteriorating or if the stock consistently underperforms its peer group.

Recent Transactions
Details Hidden

Forward Air Corporation, Central States Trucking Co. purchase Atlantic Trucking Co., Inc.

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Forward Air Corporation, Forward Air, Inc. purchase Towne Air Freight LLC from Charterhouse Group, Inc., Centre Lane Partners

Details Hidden

Forward Air Corporation purchases Central States, Inc. /Subsidiaries (2) from Central States, Inc.

Transaction Advisors
Legal Advisor

Advised onForward Air Corporation purchases Central States, Inc. /Subsidiaries (2) from Central States, Inc.

Underwriter

Advised onForward Air Corporation issued Common Stock

Escrow Agent

Advised onForward Air Corporation, Forward Air, Inc. purchase Towne Air Freight LLC from Charterhouse Group, Inc., Centre Lane Partners

Legal Advisor

Advised onForward Air Corporation purchases Central States, Inc. /Subsidiaries (2) from Central States, Inc.

Legal Advisor

Advised onForward Air Corporation, Forward Air, Inc. purchase Towne Air Freight LLC from Charterhouse Group, Inc., Centre Lane Partners

Escrow Agent

Advised onForward Air Corporation, Forward Air, Inc. purchase Towne Air Freight LLC from Charterhouse Group, Inc., Centre Lane Partners

Advisors & Consultants
Advisor

Former Benefit Plan Administrator at Forward Air Corporation

Legal Advisor

Shareholder at Greenberg Traurig LLP

Consultant

Former Chief Executive Officer at Forward Air Corporation

Clients

Delta Air Lines, Inc. engages in the provision of scheduled air transportation for passengers and cargo. It operates through the following segments: Airline, Refinery. The Airline segment provides scheduled air transportation for passengers and cargo. The Refinery segment consists of jet fuel and non-jet fuel products. The company was founded by Collett Everman Woolman in 1928 and is headquartered in Atlanta, GA.

Gap, Inc. operates as a global apparel retail company. It offers apparel, accessories, and personal care products for men, women and children. The company operates through segments: Gap Global, Old Navy Global, Banana Republic Global, Athleta, and Intermix. The Gap Global segment includes apparel and accessories for men and women under the Gap brand, along with the GapKids, BabyGap, GapMaternity, GapBody and GapFit collections. The Old Navy Global segment offers clothing and accessories for adults and children. The Banana Republic Global segment provides clothing, eyewear, jewelry, shoes, handbags and fragrances. The Athleta segment offers fitness apparel for women. The Intermix segment features styles from various designers. Gap was founded by Donald G. Fisher and Doris F. Fisher in July 1969 and is headquartered in San Francisco, CA.

Expeditors International of Washington, Inc. engages in the provision of global logistics services. The firm offers airfreight, ocean freight and ocean, and customs brokerage and other services. It also provides customer solutions such as order management, time-definite transportation, warehousing and distribution, temperature-controlled transit, cargo insurance, and customized logistics solutions. The company was founded by John M. Kaiser, Peter Rose, Wang Li Kou, Kevin Walsh, Hank Wong, George Ho, Robert Chiarito, and Glenn Alger in May 1979 and is headquartered in Seattle, WA.

Key Stats and Financials As of 2018
Market Capitalization
$1.78B
Total Enterprise Value
$1.62B
Earnings Per Share
$3.12
Revenue
$1.32B
Net Profit
$91.2M
EBITDA
$164M
EBITDAMargin
12.43%
Total Debt
$47.6M
Total Equity
$553M
Enterprise Value Sales
1.23x
Enterprise Value EBITDAOperating
9.88x
TEVNet Income
17.8x
Debt TEV
0.03x
Three Year Compounded Annual Growth Rate Of Revenue
11.26%
Five Year Compounded Annual Growth Rate Of Revenue
15.15%
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