Forward Air Corp. said Monday it has acquired Total Quality Inc., a logistics and trucking company that provides temperature-controlled services, for about $66 million.
TQI, Grand Haven, Mich., which provides truckload and less-than-truckload brokerage transportation services, had 2012 revenue of about $54.8 million.
The transaction will be funded by Forward Air’s cash reserves and is expected to be accretive to its 2013 earnings.
Founded in 1992, TQI primarily serves the pharmaceutical industry, utilizing temperature-controlled equipment, 24-hour monitoring and tracking technology and layered security features.
Forward Air, a contractor to the air cargo industry, is ranked No. 46 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.