Forward Air acquires Total Quality for $66M plus earn-out of up to $5M Forward Air Corporation announced that it has acquired Total Quality, a provider of maximum security and temperature-controlled services to the pharmaceutical and life science industries. The purchase price was $66M plus an earn-out of up to $5M based upon TQI’s performance in 2013 and 2014. 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.
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