• Yellow Terminal Sell‑Off: Court okays Saia’s purchase of three ex‑Yellow sites (Deer Park, NY; Calexico, CA; Orlando, FL), lifting the final price to $8.5M and adding 147 doors of capacity to border and Central Florida lanes.
• LTL consolidation accelerates: From XPO’s $870M, 28‑center haul to new buys by Estes, R+L, Knight‑Swift, Central Transport, A. Duie Pyle, and others, 200+ former Yellow terminals have changed hands and are reshaping regional density and transit times.
• Forward Air takeover watch: Clearlake, Platinum, EQT, and Apollo lodged bids; governance changes and a Delaware reincorporation push suggest an active sale timeline.

Yellow Terminal Sell-Off Reshapes LTL Landscape

Yellow’s 169‑terminal network hit the auction block after the 2023 bankruptcy. (Copyright 2023 The Associated Press. All rights reserved.)

Once the nation’s third-largest less-than-truckload (LTL) carrier, Yellow Corp., plunged into bankruptcy in August 2023, its extensive terminal network was quickly put up for sale. At the time of its collapse, Yellow operated 169 freight terminals across North America, all highly coveted by competitors. Over the past two years, Yellow’s liquidation has proceeded in waves, with rivals snapping up terminals through court-approved auctions. By mid-2025, more than 210 former Yellow terminals had been sold off, generating nearly $2.4 billion for the bankruptcy estate. This Yellow terminal sell-off has dramatically reshaped the LTL industry’s geography, as other carriers absorbed Yellow’s facilities and freight. For more news and updates on Yellow Corp’s collapse and liquidation, check out our Yellow Corp news archive.

Saia LTL Freight has been a big buyer of Yellow’s terminals, expanding its network coast-to-coast. In June 2025, Saia obtained court approval to purchase three more former Yellow service centers in New York, California, and Florida for $8.5 million. This deal brought Saia’s total acquisitions from Yellow’s bankruptcy to 31 terminals, significantly boosting Saia’s presence in the Northeast, southern California, and central Florida. The three terminals – in Deer Park, NY; Calexico, CA; and Orlando, FL – add a combined 147 dock doors to Saia’s network.

Yellow’s court-approved asset sales in June 2025 also included a separate lot of four terminals sold to non-transportation investors for about $6.85 million. Those properties, located in Knoxville (TN), Southington (CT), near Baton Rouge (LA), and Tupelo (MS), illustrate how even Yellow’s smaller facilities found buyers. This trend underscores a strong investor appetite for trucking real estate assets. For additional insights into these transportation real estate deals, explore this page.

In total, essentially all of Yellow’s terminal real estate – from its largest hubs to remote outposts – has been auctioned off in chunks.

The valuable terminal network that Yellow built over decades has been dismembered and absorbed by competitors, underscoring a fast-changing LTL landscape. Carriers like Estes Express, Old Dominion, XPO, Saia, and others have expanded their footprints by acquiring former Yellow sites, while shippers have adjusted to a world without Yellow’s capacity. The Yellow Terminal Sell-Off may be nearing its end, but its impact on LTL routing and capacity will be felt for years.

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Major Buyers Snap Up Yellow’s Terminals

Saia’s June purchase adds 147 dock doors in New York, California, and Florida.

Many of Yellow’s terminals were scooped up by rival LTL carriers eager to expand their networks. The December 2023 bankruptcy auction saw around 20 bidders compete, with major players taking the lion’s share of properties:

• XPO – Agreed to buy 26 terminals (plus two leases) for about $870 million, significantly bolstering its presence in key markets (e.g., multiple sites in Tennessee, Illinois, Ohio, and Pennsylvania).
• Estes Express Lines – Won 24 terminals with a total bid of $249 million, including large terminals in New York (4 locations) and Ohio (3), as well as sites in Illinois, Iowa, Vermont, and more. Estes had been the stalking-horse bidder and ultimately emerged as one of the top buyers.
• Saia – Secured 17 terminals for $235.7 million in the initial auction, targeting Midwest and Northeast facilities. Saia has since continued buying, reaching 31 total Yellow facilities acquired by mid-2025 after additional rounds (including the Deer Park, Calexico, and Orlando terminals).
• Knight-Swift – The truckload giant (which entered LTL via prior acquisitions) purchased 13 terminals for $51.3 million, averaging under $4 million per site. These were mainly smaller terminals across nine states (with clusters in Illinois, Indiana, Ohio, and Wisconsin).
• R+L Carriers – Through an affiliate (RAMAR Land Corp.), bought eight terminals (and three leases) for about $211.5 million in 2023. Notably, R+L acquired a 304-door mega-terminal in Maybrook, NY – one of Yellow’s largest – to anchor its Northeast operations.
• A. Duie Pyle – This Northeast regional LTL carrier spent $29.4 million to pick up four terminals (in New York, Pennsylvania, and West Virginia), extending Pyle’s service area to 35 terminals total. The company plans to renovate the former Yellow facilities and integrate them into its growing network.

Other regional carriers and real estate investors claimed the remaining sites. In all, the auction of 130 Yellow terminals in late 2023 raised roughly $1.88 billion, helping repay Yellow’s debts. For a detailed recap of Yellow Corp’s $1.9 billion terminal auction and its industry impact, visit this page.

Competitors have effectively carved up Yellow’s terminal network, each strengthening coverage in strategic regions. The terminal fire-sale also allowed newcomers and smaller LTL firms to grab a foothold in new markets (for example, Estes expanding in the Midwest, Saia entering cross-border hubs like Laredo, and Pyle gaining density in upstate New York). The real estate gold rush brought immediate infusions of freight capacity to those buyers’ networks. For additional insights into recent LTL terminal acquisitions and their impact on the industry, check out this page.

LTL Capacity Adjusts After Yellow’s Exit

Yellow’s sudden shutdown removed a massive chunk of LTL capacity virtually overnight, forcing freight to shift elsewhere. Initially, industry experts predicted a tightening of capacity and higher LTL rates with Yellow’s 8% market share up for grabs. Indeed, some shippers faced spot surcharges in the immediate aftermath. However, rival carriers quickly stepped up to fill the void. The acquired Yellow terminals were rapidly reopened under new ownership, adding capacity back into vital lanes and distribution points.

For example, Saia’s new Orlando terminal restores direct service in central Florida, and its Calexico, CA facility (on the Mexican border) enhances cross-border LTL capabilities. Other carriers reactivated former Yellow hubs in Chicago, Indianapolis, Atlanta, and Los Angeles, preserving vital infrastructure. Estes Express, which invested heavily in Yellow’s largest terminals, added over 700 doors to its network and relocated many operations into the bigger ex-Yellow facilities.

Over 210 former Yellow terminals have been sold, raising nearly $2.4 billion.

Such moves have made the overall LTL network more dense and efficient even without Yellow, according to industry observers. Carriers have been “hustling” to integrate these terminals and ramp up service ahead of an anticipated freight rebound. To stay updated on the latest LTL industry trends and capacity shifts, check out our LTL news page.

What does Yellow’s liquidation mean for shippers?

For LTL shippers, Yellow’s demise was disruptive in the short term but manageable in the long run. Thousands of shippers who had relied on Yellow scrambled to redirect freight to other carriers after the August 2023 shutdown. Many large customers had contingency carriers in place, while smaller shippers had to negotiate new LTL contracts – often at higher rates initially. Over time, however, other LTL providers absorbed the volume and even expanded coverage into former Yellow lanes. With multiple carriers (Estes, XPO, ABF, Saia, etc.) now covering the territory that Yellow once serviced, shippers still have options for nationwide LTL service.

The LTL industry consolidation did remove a low-cost competitor, which contributed to firmer pricing in late 2023 and early 2024. But as networks re-stabilized, rate pressures eased and service levels normalized. The influx of modernized terminals under new owners may yield service improvements – several carriers report better dock capacity and more efficient routing after upgrading old Yellow sites. In sum, while Yellow’s exit initially jolted the market, most shippers have adapted by spreading freight among the remaining carriers, who in turn expanded capacity to keep the nation’s LTL shipments moving.

Forward Air Takeover Bids Rock the LTL Sector

Forward Air trailers at one of the company’s hub terminals. The asset-light carrier’s stock surged ~10% in July 2025 after reports that multiple private equity firms had bid to acquire the company.

Forward Air faces takeover bids after backlash to the Omni Logistics merger.

Even as Yellow’s assets were being parceled out, another upheaval hit the LTL sector: Forward Air – a publicly traded, non-union LTL and logistics provider – became the target of a potential private equity takeover. Forward Air had drawn investor ire due to its controversial merger with Omni Logistics in late 2023. That $3.2 billion deal (completed January 2024) was done without a shareholder vote and saddled Forward Air with heavy debt. For an in-depth look at the Forward Air–Omni Logistics merger saga, follow this link.

Many of Forward’s shareholders and legacy customers panned the Omni merger, calling it an ill-conceived diversification that strayed from Forward’s core business. The company’s stock, which traded above $100 per share before the merger announcement, subsequently plunged over 80% – falling into the $20–$30 range by mid-2024. Forward Air’s leverage ballooned to ~5.3× EBITDA post-merger, and its market value eroded, setting the stage for activist investors to demand changes.

By Q2 2025, Forward Air’s board was facing intense pressure from these activists. In June, a major boardroom shake-up took place: shareholders voted out Chairman George Mayes, and two other directors resigned under pressure. The board agreed to reincorporate the company in Delaware (from Tennessee) to facilitate a sale. It also initiated a formal review of “strategic alternatives,” effectively putting Forward Air up for sale. This capitulation came after months of agitation – activists had decried the “massive value destruction” from the Omni deal and accused management of slow-walking the turnaround. With new board leadership in place and advisors hired, Forward Air signaled it was open to a buyout.

Why Did Forward Air’s Merger Face Backlash?

Forward Air’s troubled Omni Logistics merger is a textbook example of a deal gone wrong. Announced in August 2023 at the height of Yellow’s collapse, the merger aimed to transform Forward into a diversified logistics powerhouse. But shareholders never got to vote on it – Forward used a technical maneuver to bypass shareholder approval, which infuriated investors. The deal also granted Omni’s private equity owners significant control over the combined entity, diluting existing shareholders’ influence. Worse, Forward Air took on roughly $1.6 billion in new debt to fund the cash portion of the merger, leaving the company highly leveraged.

The market reacted swiftly: Forward’s stock price sank by more than 40% within months of the merger news, and continued to decline after the deal closed. Longtime Forward Air investors saw the Omni acquisition as a strategic misstep that undermined the core LTL business. Activist shareholders (led by Ancora Holdings and others) spent early 2024 clamoring for changes in leadership and direction. By mid-2025, they succeeded in forcing a board overhaul – ousting the architects of the Omni deal. All eight directors on Forward’s board at mid-year 2025 were new since January, reflecting the scale of the revolt. In short, Forward Air’s merger gamble backfired, prompting a backlash that put the company in play for a possible sale.

Private Equity Bids and Forward Air’s Future

Reopened ex‑Yellow sites helped ease capacity tightness and normalize service levels.

With Forward Air now officially considering a sale, buyout offers have quickly materialized. In July 2025, Reuters reported that a “handful” of private equity firms submitted bids to acquire Forward Air. Among the interested suitors were Clearlake Capital – which already owns about 13% of Forward’s stock – as well as Apollo Global Management, Platinum Equity, Blackstone, and others. The M&A buzz sent Forward Air’s share price up 10% in late trading on July 23, as investors speculated that a deal could fetch a premium.

Analysts and industry observers began sizing up Forward Air’s break-up value: many estimated a potential sale price of $40+ per share, given the company’s earnings and assets. That would be a sizable bump from the ~$25–30 range where the stock had languished after the Omni fiasco.

Forward Air’s management, for its part, has expressed openness to “any path that maximizes shareholder value.” The company retained investment banks to run a formal process, and by late Q2 was deep into negotiations behind closed doors. No agreement had been reached as of the end of June 2025, and it remained possible that Forward Air might reject the bids or pursue another strategy. However, the board’s moves – including the Delaware reincorporation and leadership changes – suggest that a sale is increasingly likely.

The coming quarters will reveal whether Forward Air goes private under new ownership or attempts to soldier on independently with a revamped strategy. In either case, the episode highlights how quickly fortunes can swing in the trucking industry: Forward Air went from an ambitious acquirer to a takeover target in 18 months.

How much could Forward Air be sold for?

Competitors carved up Yellow’s real estate, reshaping LTL coverage and lane density.

Analysts have pegged Forward Air’s takeover value at roughly $40–$50 per share in a successful buyout. This ballpark figure is derived from Forward’s financials – applying a low double-digit EBITDA multiple to its ~$300 million annual EBITDA, then subtracting the ~$1.6 billion net debt load. A $40/share deal would value Forward Air’s equity around $1 billion (implying about a $3 billion enterprise value including debt). Notably, even at $40 or above, shareholders would recoup only a fraction of prior highs – recall that Forward Air traded above $100 before the Omni Logistics venture.

Still, a buyout in the $40 range would significantly reward investors who accumulated shares during the post-merger slump (when the price dipped below $10 at one point in 2024). It would also signal confidence that with the right owner and less debt, Forward Air’s niche expedited LTL business can rebound. Of course, the final price (if a deal is made) will depend on competitive bidding and Forward’s latest performance. Investors and analysts will be watching the company’s upcoming earnings (and the strategic review updates) closely for clues on how this takeover saga might conclude.

In summary, Q2 2025 brought seismic changes to the LTL sector through both asset sales and corporate turmoil. One LTL giant – Yellow – disappeared entirely, its terminals scattered to competitors and investors. Another key player – Forward Air – may soon change hands after a period of strategic missteps. This ongoing LTL industry consolidation has wide-ranging implications. Carriers that acquired Yellow’s terminals have expanded their capacity and coverage, potentially leading to new service efficiencies (and perhaps tougher competition for smaller LTL firms).

Shippers and drivers are warily watching these developments, as fewer carriers and larger networks could influence freight rates and service choices. The trucking industry has continuously evolved through cycles of mergers and acquisitions, but the current shake-up is particularly pronounced, compressing significant changes into a short time. As 2025 progresses, all eyes are on Forward Air’s next moves and how the newly enlarged LTL carriers integrate Yellow’s legacy into their operations. The full effects of the Yellow terminal sell-off and Forward Air’s reckoning will unfold in the months ahead, redefining the competitive landscape of LTL freight. To explore more about the latest trucking industry mergers and acquisitions, visit this link.

Key Developments — Yellow Terminal Sell‑Off & Forward Air Takeover (Updated Aug. 8, 2025)

• Court approval (June 25): Saia cleared to buy three ex‑Yellow terminals—Deer Park, NY (54 doors); Calexico, CA (21); Orlando, FL (72)—for $8.5M (up from the earlier $6.5M motion). Total Saia wins from Yellow now 31 facilities.
• Non‑transport buyers (June): The court also approved a separate $6.845M sale of four terminals to non‑LTL firms in Knoxville, TN; Southington, CT; near Baton Rouge, LA; Tupelo, MS.May sale block (10 sites): Filing sought approval to sell 10 locations ($20.7M)—including the Saia trio—and highlighted other buyers: Moon
• Star Express/M Way Holding (Pontiac, MI; 80 doors; $10M), Borg Enterprises/Northland Towing (Fargo, ND; $1.6M), Baldor Specialty Foods (near Portland, ME; $1.55M), United Holding Group/Aman Truck Lines (Atlanta, IL; 46 doors; $450K).
• Scale of the liquidation: By early June, the Yellow estate had sold 200+ terminals (~$2.4B), with additional transactions since. At shutdown, Yellow operated 169 owned and 142 leased terminals.
• XPO’s headline win: 28 service centers for $870M (26 owned, two leased) approved Dec. 12, 2023; deployment under way across multiple markets.
• Estes’ cumulative buys: Judge approved 11 terminals ($142.5M) in Dec. 2024; in total, ~50 owned and leased locations acquired for >$426M by that point.
• R+L Carriers additions: Maybrook, NY (304 doors) closed for $50M; broader program totals 13 terminals for $282.5 through Jan. 2025.
• Central Transport (Crown Enterprises): Bought Memphis, TN (198 doors) and CA leases in Fontana (165) and Gardena (87) for $54.5M in Jan. 2025.
• Knight‑Swift’s tranche: Downey (71), San Diego (49), Santa Maria (16), CA, and Roanoke, VA (34)—$9.9M total—part of 7 sites ($15.1M) with A. Duie Pyle and TForce Properties; Knight‑Swift had 29 terminals from Yellow by Feb. 2025.
• A. Duie Pyle: Added Bowling Green, OH (80 doors) and Charleston, WV (30 doors) for $4.5M (Feb. approvals) and reopened Camp Hill & Erie, PA sites acquired earlier.
• TForce Properties (TFI International): Picked up Fayetteville, NC (17 doors) for $700K in the February grouping.
• Lease auction ripple effects: Second‑round lease deals featured Estes ($35.3M for five); FedEx taking a Sparks, NV lease ($22.5M); R+L (Ramar) three leases ($9M); ArcBest a Bethlehem, PA facility ($7.7M).
• Additional buyers to note: Beyond the LTL majors, the estate’s long tail included United Holding Group (Aman Truck Lines), Baldor, Moon Star/M Way Holding, Borg Enterprises/Northland Towing, among others—illustrating broader logistics/industrial demand for the real estate.
• Lane/coverage impacts (analysis): Saia’s Orlando (72 doors) deepens Central Florida capacity; Calexico (21 doors) strengthens Southern California–Mexico cross‑border flows, complementing Saia’s Fletes México partnership (announced Apr. 1, 2024). Inference: expect improved transit times and more direct service on Orlando outbound and Imperial‑Valley/Otay‑Mesa border lanes as sites come online.
• Forward Air — active sale process: Clearlake, Platinum, EQT, Apollo (and AIP) submitted bids in July; the company signaled its aim to wrap its review near its August earnings window. Shares traded around $28 on July 23 amid bid chatter.
• Governance reset & domicile move: Chairman George Mayes and two directors departed after the June shareholder vote; Forward Air is pursuing Delaware reincorporation to expand strategic optionality (including a sale).
• Context for earlier auction results: Initial December 2023 auctions netted $1.88B across 128 owned + 2 leased terminals, led by XPO, Estes, Saia, Knight‑Swift—establishing the foundation for 2024–2025 follow‑on sales.

Authoritative External Sources on the Yellow Terminal Sell‑Off & Forward Air

• Yellow Corp. Chapter 11 case overview and filings at Epiq Restructuring (Claims Agent).
• Browse docket entries and sale orders for Yellow Corp. at Epiq Dockets.
• XPO’s official announcement: “XPO approved to acquire 28 Yellow service centers”.
• Real estate transaction context: CoStar coverage of Yellow terminal sales to Central Transport and R+L.
• Carrier integration update: A. Duie Pyle opens former Yellow site in Camp Hill, PA.
• Cross‑border capacity note: Saia & Fletes México announces exclusive LTL partnership.
• Company newsroom index: Saia press releases and terminal expansion updates.
• Governance and domicile change: Forward Air 2025 Annual Meeting results (Delaware reincorporation).
• Official filing on reincorporation: Forward Air Form 8‑K (June 11, 2025).
• Takeover process update: Reuters: private‑equity bids submitted for Forward Air (July 23, 2025).
• Background on suitor interest: Reuters: Forward Air attracts PE interest (June 13, 2025).