Greenville, TN, US: Forward Air, a logistics provider to the North American airfreight and less-than-truckload industries, has acquired Total Quality which provides temperature-controlled services for pharmaceutical and life sciences industries.
Forward Air paid US$66m in cash for the Grand Haven, Michegan-based company. The transaction expands Forward Air’s presence in cold-chain logistics.
Total Quality’s current management, led by Terry Fewless, its founder and president, will stay on and continue to run the business.
Total Quality, which has been in business since 1992, has been expanding its revenue at a 15-percent annualized clip for the past several years. The company expects that growth to continue for the next few years. It has about $55 million in annual revenue.
Forward Air provides a less-expensive alternative to air transport but still provides time-definite delivery.
