J.B. Hunt expands Final Mile service with acquisition of Cory 1st Choice Home Delivery
J.B. Hunt said it will be financed with the company’s existing revolver credit facility.
Logistics in the NewsDespite sluggish December, IANA reports 2018 intermodal volumes post annual gains FedEx Express announces plans to acquire Israel-based Flying Cargo Group Industrial outlook cloudy but solid overall economic fundamentals rosy for trucking industry High level of December U.S.-bound waterborne shipments finishes a strong 2018, says Panjiva Trucker Tools’ offerings are being put to use by Schneider for visibility and capacity management More Logistics News
Logistics ResourceNew White Paper focuses on the ABC’s of Anti-Dumping/Countervailing Duties While the U.S. government has always prioritized protection of U.S. companies against imports that are sold at below market prices, or unfairly subsidized, the Trump administration clearly intends to raise the bar with regard to trade policy enforcement.
Lowell, Ark.-based trucking and intermodal services bellwether J.B. Hunt Transport Services Inc. announced today that its subsidiary, J.B. Hunt Transport Inc., entered into a definitive agreement to acquire Secaucus, New Jersey-based Cory’s First Choice Home Delivery.
The purchase price is $100 million, and J.B. Hunt said it will be financed with the company’s existing revolver credit facility.
Established in 1934, Cory provides home delivery services of big and bulky products in the continental United States and U.S. territories using 14 warehouses and other customer-owned facilities. The company utilizes more than 1,000 independent contractors, carriers and delivery drivers to complete more than 2 million annual deliveries.
“This is a strategic investment that will further advance our final mile delivery capabilities of ‘big and bulky’ products to consumers and expand our expertise in furniture delivery,” said John Roberts, president and CEO of J.B. Hunt.
J.B. Hunt’s Final Mile division is part of the company’s Dedicated Contract Services group. The company said that the Final Mile division operates one of the largest national, comingled cross-dock operations and can serve 100% of the contiguous United States.
This acquisition follows the company’s 2017 acquisition of Special Logistics Dedicated, which expanded J.B. Hunt’s pool distribution and fulfillment delivery capabilities. What’s more, with Cory in the fold, J.B. Hunt Final Mile is set to grow to 100 locations and more than 3.1 million square-feet of warehouse and facilities space, according to J.B. Hunt officials.
Subscribe to Logistics Management Magazine!Subscribe today. It's FREE!
Get timely insider information that you can use to better manage your entire logistics operation.
Start your FREE subscription today!
2019 Rate Outlook: Pressure Builds Lift Trucks join the connected enterprise View More From this Issue