Private Equity Firms Submit Bids for $3B Forward Air Sale

Forward Air, a U.S. less-than-truckload freight company based in Tennessee, is attracting multiple bids from major private equity firms including Clearlake Capital, EQT, Platinum Equity, Apollo Global Management, and AIP as it accelerates a strategic review launched in January 2025. The company’s shares have recently risen amid speculation of a sale, following a 75% collapse in its stock price after the controversial acquisition of Omni Logistics in 2024, which also spurred activist investor pressure and boardroom changes. Forward Air is valued at approximately $855 million, but its enterprise value, including net debt, is estimated near $3 billion. The sale process is expected to conclude possibly by the time Forward Air reports its Q2 earnings in August, though no deal is guaranteed and other bidders could still emerge. Investor dissatisfaction with Forward Air’s debt load and governance following the Omni Logistics deal has been a key catalyst for the potential sale. The interest from private equity signals a broader trend of buyout firms targeting distressed or turnaround assets in the logistics sector.