Forward Air Sells Final Mile Business To Hub Group

(RTTNews) - Forward Air Corporation (FWRD) Wednesday announced the sale of its Final Mile business to Hub Group, Inc. for an estimated cash consideration of $262 million.

For the twelve months ended September 30, 2023, Final Mile generated around $289 million in revenue. Final Mile has around 45 locations and more than 640 employees that will transfer to Hub Group, Inc.

Tom Schmitt, Chairman, President, and CEO said, "Our Final Mile business grew revenue over 150% since inception in 2019 and returned significant value to Forward's employees, customers and shareholders. We are pleased the Final Mile team has joined a first-class company and team of people. Corporate clarity remains a top priority as we enter the next phase of our Grow Forward strategy."

Phil Yeager, President and CEO of Hub Group, stated, "We are excited to welcome the Forward Final Mile team to Hub Group. Through this transaction, we will continue to grow our non-asset logistics segment and deepen our value to our customers through the addition of this excellent team and their best-in-class appliance capabilities."