BarOle Trucking, based in Hudson, Wisconsin, is the largest intermodal carrier in the Twin Cities market. Minneapolis-based TKI a is a shipping company specializing in container drayage transportation and storage. The BarOle acquisition is expected to close in December. The TKI deal closed last month.
Terms of the acquisitions were not disclosed.
A statement from Forward Air said it expects the acquisitions to add $25M in revenue for the company.
These acquisitions continue Forward Air's roll-up strategy in intermodal, which it began in 2014 with the acquisition of Central States Trucking and in this recent transaction Forward Air also picks up additional storage yards, chassis, and some 95 drivers. This quadruples Forward Air's total number of drivers in the Minneapolis Intermodal market.
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The acquisition of BarOle also provides Forward Air with a larger terminal location, enabling possible future expansion. The company said it is evaluating consolidating its Minnesota operations into a single location.
“The trucking and logistics industry is under unprecedented pressure, especially within the intermodal market, as we have seen higher demand than normal,” said Tom Schmitt, Forward Air chairman and CEO. "The acquisitions are a continuation of our business strategy, empowering us with the additional resources necessary to meet growing customer demand while driving efficiency, market expansion, and industry-leading career opportunities.”
Forward Air provides truckload, LTL, final mile, intermodal, and other logistics services.