Apollo and Clearlake Withdraw as Forward Air Review Nears Conclusion
Forward Air's strategic review, running over one year and encompassing bids from at least five private equity firms, is nearing completion and unlikely to end in a full-company sale. Clearlake Capital and Apollo Global withdrew from the auction after Ancora Holdings exited its top-ten stake, underscoring weakness in suitor interest.
1. Strategic Review Status
Forward Air has conducted a comprehensive strategic review for over a year, exploring potential sale, merger and portfolio transactions to maximize shareholder value. The board indicates the process is nearing its conclusion, with final recommendations expected soon.
2. Private Equity Bidders Withdrawn
At least five private equity firms initially entered the auction, but recent bids fell short of expectations. Clearlake Capital and Apollo Global Management recently withdrew from contention, leaving fewer suitors and lowering the likelihood of a full-company sale.
3. Activist Shareholder Exit
Ancora Holdings, which in August 2025 urged Forward Air to pursue a sale, fully exited its top-ten position by the end of 2025. The loss of this influential activist backer highlights waning support for a liquidity event.
4. Next Steps and Implications
With a sale of the entire company unlikely, management may shift focus to alternative value-creation measures such as targeted divestitures, joint ventures or share repurchases. Investors await a formal update on the board’s chosen path forward.