J.B. Hunt expands last-mile service with acquisition of Cory for $100M
J.B. Hunt Transport Services announced on Wednesday that its subsidiary, J.B. Hunt Transport, had entered into a definitive agreement to purchase Cory 1st Choice Home Delivery for $100M, 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.