Forward Air has attracted multiple bids from leading private equity firms, including Clearlake Capital, EQT, Platinum Equity, Apollo Global Management, and AIP, as the U.S. freight and logistics company accelerates its strategic review, according to sources cited by Reuters.

The process, formally launched in January 2025, is expected to conclude within weeks, potentially coinciding with the company’s Q2 earnings report scheduled for 11 August.

Greeneville, Tennessee-based Forward Air, which specialises in less-than-truckload (LTL) freight movement, is currently valued at around $855m. However, analysts place its enterprise value closer to $3bn on a fully diluted basis including net debt.

The sale process follows sustained investor dissatisfaction over Forward Air’s 2024 acquisition of Omni Logistics, a move that contributed to a 75% collapse in the company’s share price. In response, activist investor Ancora Holdings, owner of a 4% stake, pushed for boardroom changes in May, leading to the resignation of three long-serving directors.

Sources familiar with the matter said Clearlake, Apollo, Platinum, and EQT had all signed confidentiality agreements by June, enabling them to review Forward Air’s internal financials. The exact size of the current bids has not been disclosed, and no agreement has been reached. The process remains competitive, with additional bidders potentially emerging.

The deal would mark one of the larger U.S. transportation sector transactions this year, should any of the private equity suitors proceed with a definitive offer.

All parties involved, including Forward Air, Clearlake, Apollo, Platinum, EQT, and AIP, either declined to comment or did not respond to requests.

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