North American supply chain service provider, JB Hunt Transport Services, has announced its subsidiary, JB Hunt Transport, has entered an agreement to purchase Cory 1st Home Delivery for €87.1 million.
This transaction will reportedly be funded using JB 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 JB Hunt President and CEO, John Roberts.
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.
Cory reportedly utilises more than 1,000 independent contractors, carriers and delivery drivers to complete over two 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 JB Hunt Executive Vice President and President of Dedicated Contract Services, Nick Hobbs.
“We are excited to welcome the employees, independent contractors, contract carriers, and customers of Cory to JB Hunt,” he said.
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 capability to serve 100 per cent of the contiguous United States.
In 2017, JB Hunt acquired Special Logistics Dedicated, expanding its pool distribution and fulfilment delivery capabilities. With the Cory acquisition, Final Mile will grow to include 100 locations.