Forward Air and Towne complete deal

Road feeder service Forward Air Corporation closed on its acquisition of CLP Towne, Inc., earlier this month. Towne, founded in 1963, is a full-service trucking provider offering time-sensitive LTL shipping, full truckload service, an extensive cartage network, container freight stations and dedicated trucking.

Forward Air acquired Towne for the aggregate purchase price of US$125 million, subject to an adjustment for working capital. The transaction was funded with proceeds from Forward Air’s recently replaced credit facility. Excluding one-time deal-related costs, the transaction is expected to increase the growth in 2015 earnings.

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