Forward Air Completes CLP Towne Purchase
Forward Air Corp. has formally completed is previously announced purchase CLP Towne Inc., combining two of the largest trucking companies moving freight to and from the nation’s airports.
The purchase price was approximately $125 million.
Founded in 1963, Towne is a full-service trucking provider offering time-sensitive less-than-truckload shipping, full truckload service, an extensive cartage network, container freight stations and dedicated trucking. Headquartered in South Bend, Indiana, Towne had 2014 unaudited revenue of approximately $230 million.
Towne’s airport-to-airport network provides scheduled deliveries to 61 service points, according to Forward Air, while a fleet of approximately 525 independent contractor tractors provides the line-haul between those locations.
Forward Air Corp. parent Forward Air Inc. is a major provider of time-definite surface transportation and related logistics services to the North American expedited ground freight market.