J.B. Hunt Aquires Cory 1st Choice Home Delivery
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’s vision is to create the most efficient transportation network in North America. The company’s industry-leading solutions and mode-neutral approach generate value for customers by eliminating waste, reducing costs and enhancing supply chain visibility. Powered by one of the largest company-owned fleets in the country and third-party capacity through its J.B. Hunt 360°® digital freight marketplace, J.B. Hunt can meet the unique shipping needs of any business, from first mile to final delivery, and every shipment in-between. Through disciplined investments in its people, technology and capacity, J.B. Hunt is delivering exceptional value and service that enable long-term growth for the company and its stakeholders.
J.B. Hunt Transport Services Inc. is an S&P 500 company and a component of the Dow Jones Transportation Average. Its stock trades on NASDAQ under the ticker symbol JBHT. J.B. Hunt Transport Inc. is a wholly owned subsidiary of JBHT. The company’s services include intermodal, dedicated, refrigerated, truckload, less-than-truckload, flatbed, single source, last mile, transload and more. For more information, visit www.jbhunt.com.