Forward Air retains investment bankers to sell company, sources say

Forward Air has retained two prominent investment banking firms to lead a formal sales process, people close to the matter have told FreightWaves. Pressure on the expedited trucking company’s board to sell has mounted in recent weeks in the wake of a messy merger with freight forwarder Omni Logistics.
An Oct. 7 letter from activist investor Alta Fox, which holds a 3% stake in Forward (NASDAQ: FWRD), called on the company to initiate a sales process. The letter said holders of approximately 25% of its stock were also seeking a change to correct Forward’s “misguided capital allocation and reckless oversight.”
Clearlake Capital, a 14% equity holder in Forward, changed its filing status from passive to activist with the Securities and Exchange Commission in August. Irenic Capital and Ancora Advisors, which combined hold a 7% share, have made similar calls for change.
Some holders have said a sale to private equity could garner a premium to the current share price of $36.56 (as of 3:40 p.m. EDT on Thursday). Forward’s stock started to fall shortly after the deal was announced in August 2023, plummeting 90% to a May low of $11.21. The recent bounce in shares is likely tied to speculation that the company could see a more immediate resolution, including a sale.