Chorus of investors calling on Forward Air to consider a sale grows

Alternative asset manager Alta Fox has called on the beleaguered board of Forward Air to engage in a formal sales process following the company’s contested merger with Omni Logistics earlier this year. Alta Fox joins other Forward shareholders in suggesting the best path for the company is to seek new ownership and management.
Clearlake Capital, which holds a 14% equity interest in Forward (NASDAQ: FWRD), flipped from a passive investor to an activist investor in August, saying it may call on the company to review strategic options. Other investors like Irenic Capital and Ancora Advisors, which collectively hold 7% of the company’s equity, have pushed for similar change in recent months.
Alta Fox has a 3% stake in Forward.
“Do not confuse our stake as a vote of confidence in the Company’s Board and leadership. On the contrary, we view your disastrous track record of ignoring shareholders’ views as abhorrent,” a Monday letter to Forward’s board stated. “However, you have an opportunity now to do the right thing by listening to resounding investor feedback and executing a formal sales process that maximizes value for all shareholders.”