About the Company:
Based in Bowling Green, Kentucky, and founded in 1960 by the Schneller family, Land Air is a full service expedited LTL provider, serving the United States and Canada, focusing on the North American deferred air freight market as a leading provider of time-definite surface transportation and integrated logistics solutions. The company specializes in transporting cargo that requires delivery at specific times but possesses less time sensitivity compared to traditional air freight. Operating through a strategically positioned network of terminals in over 40 cities across the United States and Canada, the Schneller’s have been in the airport-to-airport freight forwarding business for over 50 years having started as a single truck operation in Missouri servicing the Kansas City Airport. The second generation, comprised of twelve siblings, has been running the operation day-to-day and will remain active in the business transitioning to managerial roles within the broader Forward Air organization.
Sell-Side Mandate:
Land Air Express was approached by a large, public strategic competitor, Forward Air Express (NASDAQ: FWRD) to acquire the business. The Lenox Group was hired to advise the Company on the sale process. Lenox worked with the Company to undergo a quality of earnings, develop a financial model, negotiate the letter of intent, execute upon financial and business due diligence being performed by the buyer, and negotiate final terms of the transaction.
Outcome:
The Lenox Group successfully assisted Land Air Express, Inc. on its sale to Forward Air (NASDAQ: FWRD) achieving the goals of the first and second generation.