J.B. Hunt makes $100m US acquisition

Based in New Jersey and founded in 1934, Cory provides home delivery services of big and bulky products in the continental United States and US territories using 14 warehouses and other customer-owned facilities. It uses more than 1,000 independent contractors, carriers and delivery drivers to complete over 2 million annual deliveries.

John Roberts, president and CEO of J.B. Hunt, commented: “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.”

The move is part of a wider trend for big US freight firms to strengthen their last-mile capabilities. The buy follows moves by XPO Logistics, Ryder System,  and Averitt Express to expand their home-delivery capabilities, the WSJ observed.

In 2017, J.B. Hunt acquired Special Logistics Dedicated, expanding its pool distribution and fulfilment delivery capabilities. With the Cory acquisition, the company’s Final Mile business will grow to include 100 locations and over 3.1 million square feet of warehouse and facilities space. Final Mile is a division of the company’s Dedicated Contract Services business unit and operates one of the largest nationwide, ‘commingled’ cross-dock operations in the US.

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

The purchase will be funded using J.B. Hunt’s existing revolving credit facility.

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