Forward Air has acquired Total Quality, a Michigan-based provider of security and temperature-controlled services to the pharmaceutical and life science industries.
The purchase price was $66 million, plus an earn-out of up to $5 million based on TQI’s performance in 2013 and 2014. TQI’s revenue in 2012 was $54.8 million.
TQI was acquired on a cash-free, debt-free basis with an adjustment for working capital. The transaction will be funded by Forward Air’s cash reserves and is expected to be accretive to its 2013 earnings.