Forward Air Purchases Intermodal Drayage Provider
The trucking operation Forward Air Corp. announced its subsidiary, Central States Trucking Co., has purchased substantially all of the assets of Multi-Modal Trucking Inc. and Multi-Modal Services Inc., based in Indianapolis, Indiana.
Both Multi-Modal companies provide intermodal drayage, devanning, transloading and warehousing services primarily within the Midwest region of the U.S. Central States Trucking currently serves the intermodal drayage market.
The purchase price was $5.75 million, plus an earn-out payment of up to $1 million to the Multi-Modal seller if the company achieves certain financial performance standards under Forward Air’s ownership.
During 2013 both Multi-Modal operations generated approximately $8.5 million in revenue.
Forward Air Corp. operates three business segments, Forward Air Inc., which includes Central States Trucking; along with Forward Air Solutions Inc. and Total Quality Inc, all of which provide an array of different trucking services.