Forward Air Corp. announced this week that it has signed a definitive agreement to acquire all of the stock of Central States Trucking Co. and Central States Logistics Inc., from Central States Inc. According to a press release, the purchase price will be $95.6 million.
Forward Air, with about 1,300 trucks, specializes in hauling air freight. Forward Air operates three business segments, Forward Air Inc., Forward Air Solutions Inc. and Total Quality Inc.
CST specializes in hauling cargo containers. Founded in 1980, CST has a seven-terminal network with approximately 500 office employees and drivers. Headquartered in Bensenville, IL, CST had 2013 unaudited revenues of approximately $66 million.
The closing of the transaction is subject to various customary conditions. It is anticipated that the transaction will close in the first quarter of 2014.