M&A Deal Summary

Forward Air Acquires Total Quality

On March 4, 2013, Forward Air acquired transportation company Total Quality from HCI Equity Partners for 66M USD

Acquisition Highlights
  • This is Forward Air’s 1st transaction in the Transportation sector.
  • This is Forward Air’s 4th largest (disclosed) transaction.
  • This is Forward Air’s 1st transaction in the United States.
  • This is Forward Air’s 1st transaction in Michigan.

M&A Deal Summary
Date 2013-03-04
Target Total Quality
Sector Transportation
Buyer(s) Forward Air
Sellers(s) HCI Equity Partners
Deal Type Add-on Acquisition
Deal Value 66M USD
Advisor(s) Harris Williams (Financial)

Target

Total Quality

Grand Haven, Michigan, United States
Total Quality, Inc. is a niche transportation services company focused primarily on cold chain transportation and logistics (transportation of temperature sensitive shipments ranging from food products to pharmaceuticals). TQI also provides brokerage services and third party logistics services to customers in a variety of end markets.

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Buyer(S) 1

Buyer

Forward Air

Greeneville, Tennessee, United States
Category Company
Founded 1981
Sector Transportation
Employees4,014
Revenue 1.4B USD (2023)
DESCRIPTION

Forward Air is a provider of time-definite surface transportation and related logistics services. Forward Air operates three business segments, Forward Air, Inc., Forward Air Solutions, Inc. and Total Quality, Inc. Forward Air was incorporated in 1981 and is based in Greeneville, Tennessee.

DEAL STATS #
Overall 1 of 16
Sector (Transportation) 1 of 16
Type (Add-on Acquisition) 1 of 16
State (Michigan) 1 of 1
Country (United States) 1 of 16
Year (2013) 1 of 1
Size (of disclosed) 4 of 11
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-01-23 Central States Logistics

Bensenville, Illinois, United States

CST provides container and intermodal drayage services primarily within the Midwest region of the United States. CST also provides linehaul service within the airport-to-airport space, as well as, dedicated contract and Container Freight Station warehouse services.

Buy $96M

Seller(S) 1

SELLER

HCI Equity Partners

Washington, District of Columbia, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
PE ASSETS 1.0B USD
Size Large
Type Sector Agnostic
DESCRIPTION

HCI Equity Partners is a private equity group that targets lower middle-market industrial product and service companies throughout North America. HCI is a 'hands on' investor, looking to assist portfolio companies with growth strategies and improving profitability. The Firm seeks opportunities with $20 to $200 million in revenues and strong management in place. Specific areas of interest include aerospace/defense, automotive and commercial vehicle suppliers, industrial distribution, infrastructure, power generation, test/measurement equipment, and transportation. HCI Equity Partners (fka Thayer | Hidden Creek Partners) is based in Washington DC.

DEAL STATS #
Overall 8 of 26
Sector (Transportation) 3 of 8
Type (Add-on Acquisition) 2 of 8
State (Michigan) 2 of 3
Country (United States) 8 of 24
Year (2013) 1 of 2
Size (of disclosed) 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-12-13 Naumann Hobbs Material Handling

Phoenix, Arizona, United States

Naumann Hobbs Material Handling is a full-service material handling dealership that leases, sells, and services a variety of electric and internal combustion forklifts and other commercial products. Naumann Hobbs operates along five lines of business that work together to provide the most attractive value proposition in this sector in the southwestern United States. Naumann Hobbs Material Handling was founded in 1949 and is based in Phoenix, Arizona.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-06-01 SouthernAG Carriers

Albany, Georgia, United States

SouthernAG Carriers is a transportation and logistics service provider for agricultural and related processed food manufacturers. SouthernAG Carriers is based in Albany, Georgia.

Buy -
Mergr

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