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.
On The Fly: Analyst Upgrade Summary Today's noteworthy upgrades include: CF Industries (CF) upgraded to Positive at Susquehanna... ExlService (EXLS) upgraded to Buy from Neutral at BofA/Merrill... Fitbit (FIT) upgraded to Buy at BofA/Merrill... Forward Air (FWRD) upgraded to Outperform at Baird... HD Supply (HDS) upgraded to Positive from Neutral at Susquehanna... Hannover Re (HVRRY) upgraded to Overweight from Underweight at JPMorgan... Moody's (MCO) upgraded to Buy from Neutral at UBS... PRA Group (PRAA) upgraded to Strong Buy from Market Perform at Raymond James... Plum Creek Timber (PCL) upgraded to Outperform from Sector Perform at RBC Capital... Shire (SHPG) upgraded to Outperform from Market Perform at Leerink... Yandex (YNDX) upgraded to Overweight from Equal Weight at Morgan Stanley... Zayo Group (ZAYO) upgraded to Buy from Neutral at MoffettNathanson.