J.B. Hunt to Buy Cory 1st Choice Home Delivery for $100M

by Lance Turner  on Wednesday, Jan. 9, 2019 6:48 am   1 min read

John Roberts III, CEO of J.B. Hunt Transport Services Inc.

J.B. Hunt Transport Services Inc. of Lowell said Tuesday that its subsidiary, J.B. Hunt Transport Inc., has agreed to buy Cory 1st Choice Home Delivery of New Jersey for $100 million.

The deal would 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," John Roberts, J.B. Hunt's president and CEO, said in a news release.

Founded in 1934, Cory provides home delivery services of big and bulky products — items like appliances — in the continental U.S. and U.S. territories. Cory uses more than 1,000 independent contractors, carriers and delivery drivers to complete more than 2 million annual deliveries, the company said.

"Cory's exceptional reputation for quality customer service complements our mission to be the best final mile provider in North America," Nick Hobbs, executive vice president and president of Dedicated Contract Services at J.B. Hunt, said. "We are excited to welcome the employees, independent contractors, contract carriers, and customers of Cory to J.B. Hunt."

Final Mile is a division of J.B. Hunt's Dedicated Contract Services business unit. 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 more than 3.1 million SF of warehouse and facilities space.

Shares of J.B. Hunt (Nasdaq: JBHT) were trading up slighty Wednesday to $96.31 per share.



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