Forward Air Corp. (Nasdaq: FWRD) has purchased Total Quality Inc. for $66 million.
Grand Haven, Mich.-based Total Quality provides security and temperature-control services to the pharmaceutical and life science industries, including temperature controlled distribution services. The company transports medicine that requires refridgeration, among other things.
The purchase price could increase by $5 million based on Total Quality’s performance through 2014.
Forward Air, headquartered in Greeneville, Tenn., operates in two segments, Forward Air Inc. and Forward Air Solutions Inc. Forward Air Inc. is a service contractor for the air cargo industry. Forward Air Solutions provides distribution services.