Forward Air adds West Coast intermodal drag provider

Forward Air announced Monday acquisition intermodal freight company Edgmon Trucking.

Located in Kent, Washington, Edgmon serves the ports of Seattle and Tacoma, managing a 5-acre facility in Kent and 2 acres in Seattle. The company uses a fleet of about 70 trucks, mostly independent contractors, and a staff of 21 to facilitate its operations.

The value of the deal is not disclosed, but a press release says the company earns about $ 22 million in revenue each year. The forward will use the cash to fund the deal sometime in May.

The deal is the first addition to the bills for Forward on the West Coast.

“The involvement of Edgmon Trucking demonstrates our commitment to meeting customer demand by increasing our intermodal removal capabilities in the region,” said Tom Schmidt, President of Forward, Chairman and CEO, in a press release. “Over the past 12 months, we’ve focused on strategically expanding our network and operations in our intermodal and LTL businesses – and we’re not done yet.”

Forward added about $ 25 million in revenue to its intermodal division with additions to Minnesota’s twin city operators BarOle Trucking and TKI Intermodal in November. In February 2021 took Chicago-based dredging operator Proficient Transport, whose annual revenue at the time was $ 23 million.

Intermodal income in Forward grew by 55% compared to the same period last year to $ 90 million in the first quarter, as revenue from a single supply over that period grew 61%. Higher yields led to an increase in operating margin of 460 basis points by 12.3%.

At the end of March, Forward operated 29 intermodal points. Over the past 12 months, the division has generated revenue of $ 321 million. Forward’s largest segment, accelerated freight, which includes cargo less than truck, truck and last mile, generated $ 1.37 billion in revenue last year.

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The FREIGHTWAVES TOP 500 In the list of carriers for rent Universal logistics (No. 23) and Forward air (No. 37).