NEW YORK, June 13 (Reuters) - Private equity firms

including Blackstone and Apollo Global Management ( APO )

have expressed interest in acquiring U.S. trucker Forward Air ( FWRD )

, people familiar with the matter said.

They signed confidentiality agreements with the company,

allowing them to review documents and receive other information

to shape a potential bid. Platinum Equity and Clearlake Capital

are also able to review material after having signed agreements,

the sources said.

Initial takeover bids are due to be submitted during the

first week of July, added the sources, who noted there was no

guarantee the quartet of buyout firms would submit offers. There

is also a possibility other suitors may emerge. The sources

spoke on condition of anonymity to discuss private

deliberations.

The company declined to comment, as did Blackstone and

Apollo. Platinum and Clearlake were not immediately available

for comment.

Forward Air ( FWRD ), which specializes in moving hauls which do not

take up a full truckload, said earlier this week it is committed

to advancing its strategic alternatives review, which was

announced in January and could include a sale of the company.

Shares in the Greeneville, Tennessee-based company have

tumbled from $121 in late 2021 to roughly $20 now, shrinking its

market valuation to roughly $610 million. But on a fully diluted

basis, including net debt, analysts said the company's

enterprise value is closer to $2.5 billion.

Private equity investors may be interested in Forward Air ( FWRD )

because they see a path to growth for the company which is

already the dominant player in a niche area of the

transportation market, but fell on tough times after an

unpopular acquisition in 2024.

The company bought freight forwarder Omni Logistics in a

deal that was not voted on by shareholders, added debt and

created operational disruptions, the analysts added.

Not long after the deal was finalized in early 2024, several

investors began pressuring the company to review its business,

which resulted in the company's January 2025 announcement.

Frustrated by little visible movement on the review,

activist investor Ancora Holdings, which owns 4% of the company,

in May mounted a campaign to remove three long-serving directors

that it blamed for signing off on the Omni deal and stalling the

sales process.

The withhold campaign was a success and the trio resigned this

week after the company's annual meeting.