In a statement announcing the acquisition, Forward Air explained that TQI adds "unmatched" capability in secure, temperature-controlled transport of pharmaceutical and biotech products, bringing superior "margins and returns" to boot. Forward Air expects the acquisition to be accretive to 2013 earnings.
Paying $66 million upfront, plus a potential earn-out of $5 million, Forward Air is valuing TQI at roughly 1.3 times 2012 revenues of $54.8 million -- a significant discount to Forward Air's own 1.9 sales valuation. Accordingly, investors rewarded Forward Air with a big 1.5% increase in share price today. The shares closed at $37.85.