Forward Air pauses sale of intermodal unit

Forward Air said Monday it has paused the planned sale of its intermodal unit in conjunction with its third-quarter report. Management told analysts on a quarterly call that the business is “back on track” and that it remains open to offers reflecting “fair value.”

Forward (NASDAQ: FWRD) commenced a strategic review at the beginning of 2025, which contemplated the sale of parts or all of the company, as pressure from investors mounted following its contested merger with Omni Logistics.

It said on its second-quarter call in August that the potential loss of a contract logistics customer—representing 10% of annual revenue (approximately $250 million)—derailed the plan to sell the entire enterprise to private investors. It instead turned its attention to divesting intermodal and two smaller Omni businesses.

It recently entered a two-year agreement through 2028 to retain a significant portion of the once at-risk account. Although the deal allows the customer to transition some business away between November and March, revenue from the retained portion of the account is expected to grow and exceed 2025 revenue generated by the account.

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