Blackstone and Apollo Global Management are among four private equity firms reportedly evaluating a potential takeover of Forward Air Corporation, a US-based logistics and trucking provider.

Platinum Equity and Clearlake Capital have also signed confidentiality agreements ahead of a first-round bid deadline expected in early July, according to sources cited by Reuters.

The move comes as Forward Air undergoes a strategic review following pressure from activist investor Ancora Holdings, which owns around 4% of the company. The Ohio-based firm led a successful withhold campaign earlier this year that triggered the resignation of three long-standing board members, following backlash over the $2.1bn acquisition of Omni Logistics in 2024. The debt-financed deal was executed without a shareholder vote and significantly disrupted operations.

Forward Air’s market capitalisation currently stands at approximately $610m, down from a peak valuation of $121 per share in 2021. However, analysts estimate the company’s enterprise value, including debt, to be closer to $2.5bn.

Despite recent operational and governance challenges, private equity bidders reportedly view the company’s footprint in the less-than-truckload (LTL) segment as an attractive platform for transformation and value creation. LTL is a specialised area of freight logistics that serves multiple clients within a single trailer, offering compelling operational efficiencies.

Forward Air has confirmed that it continues to explore all strategic options, including a full sale of the business. No formal bids have yet been submitted, and additional suitors may still enter the process.

Source: Reuters

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