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.
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Lowell, Ark.-based trucking and intermodal services bellwether 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 , 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.
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