Forward Air Corp., Omni Logistics To Combine In Cash-and-stock Deal

(RTTNews) - Forward Air Corp. (FWRD) and Omni Logistics, LLC, a private company that is majority owned by Ridgemont Equity Partners and EVE Partners, LLC, announced they have entered into a definitive agreement under which Forward and Omni will combine in a cash-and-stock deal. Omni shareholders will receive $150 million in cash and Forward common stock and preferred stock. Omni Logistics is a global multimodal provider of air, ocean and ground services. Forward expects the deal to be accretive to cash EPS in year two following the close of the transaction.

Forward and Omni will each contribute their operating assets to a newly formed partnership that is a subsidiary of Forward. Certain Omni shareholders will hold their economic interest in the combined entity through the newly formed partnership.

Upon closing, Tom Schmitt will continue as Chairman and CEO, and J.J. Schickel will serve as President of the combined company and join Forward's Board.