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May 19, 2017 3:07 PM, EDT

Forward Air Closes Deal With Atlantic Trucking Co.

Forward Air Corp. has acquired the assets of Atlantic Trucking Co. in a deal finalized May 18, just more than one month after it was first announced.

The purchase expands the Forward Air intermodal footprint in the Southeast, particularly in South Carolina, where Atlantic Trucking and its affiliates such as Central States Trucking were located.

As previously announced, Atlantic earned $62.3 million in revenue last year and posted earnings before interest, taxes, depreciation and amortization of $5.1 million. It has terminals in Atlanta, Charlotte, N.C., Houston, Jacksonville, Fla., Memphis and Nashville, Tenn., Norfolk, Va., and Savannah, Ga.

The company has 416 drivers.

Forward Air paid $22.5 million for Atlantic Trucking, with the potential of a $1 million additional earnout.

Forward Air ranks No. 35 on the Transport Topics Top 100 list of largest for-hire carriers in the United States and Canada, and Central States Trucking ranks No. 12 on TT’s list of top intermodal/drayage carriers.