J.B. Hunt Transport Services, Inc. Expands Final Mile Delivery Services with the Acquisition of Cory 1st Choice Home Delivery
January 09 2019 - 7:00AM
Business Wire
J.B. Hunt Transport Services, Inc. (NASDAQ: JBHT), one of the
largest supply chain solutions providers in North America, today
announced its subsidiary, J.B. Hunt Transport, Inc., has entered
into a definitive agreement to purchase Cory 1st Choice Home
Delivery for $100 million, to be funded using J.B. Hunt’s existing
revolving credit facility.
“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.
Based in New Jersey and founded 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. Cory utilizes more than 1,000
independent contractors, carriers and delivery drivers to complete
over 2 million annual deliveries.
“Cory’s exceptional reputation for quality customer service
complements our mission to be the best final mile provider in North
America,” said Nick Hobbs, executive vice president and president
of Dedicated Contract Services at J.B. Hunt. “We are excited to
welcome the employees, independent contractors, contract carriers,
and customers of Cory to J.B. Hunt.”
Final Mile, a division of the company’s Dedicated Contract
Services business unit, operates one of the largest nationwide,
commingled cross-dock operations and has the ability to serve 100%
of the contiguous United States. In 2017, J.B. Hunt acquired
Special Logistics Dedicated, expanding its pool distribution and
fulfillment delivery capabilities. With the Cory acquisition, Final
Mile will grow to include 100 locations and over 3.1 million square
feet of warehouse and facilities space.
Goldman Sachs & Co. LLC acted as financial advisor and
Mitchell Williams served as legal advisor to J.B. Hunt.
About J.B. Hunt
J.B. Hunt Transport Services, Inc., a Fortune 500, S&P 500,
and NASDAQ-100 company, provides innovative supply chain solutions
for a variety of customers throughout North America. Utilizing an
integrated, multimodal approach, the company applies
technology-driven methods to create the best solution for each
customer, adding efficiency, flexibility, and value to their
operations. J.B. Hunt services include intermodal, dedicated,
refrigerated, truckload, less-than-truckload, flatbed, single
source, final mile, and more. J.B. Hunt Transport Services, Inc.
stock trades on NASDAQ under the ticker symbol JBHT and is a
component of the Dow Jones Transportation Average. J.B. Hunt
Transport, Inc. is a wholly owned subsidiary of JBHT. For more
information, visit www.jbhunt.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20190109005249/en/
Joanna BuntenSr. Director Corporate Marketing(479) 361-7800
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