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J.B. Hunt Transport Services Expands Final Mile Delivery Services with Cory 1st Choice Acquisition
Friday 11 January 2019

11 January 2019 - US-based trucking company J.B. Hunt Transport Services, Inc. (NASDAQ: JBHT) has entered into a definitive agreement to purchase US-based home delivery services provider Cory 1st Choice Home Delivery for USD 100m, the company said.

This is to be funded using J.B. Hunt's existing revolving credit facility.

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 utilises more than 1,000 independent contractors, carriers and delivery drivers to complete over 2m annual deliveries.

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 3.1m square feet of warehouse and facilities space.

J.B. Hunt Transport Services provides supply chain solutions for a range of customers throughout North America.

The company's services include intermodal, dedicated, refrigerated, truckload, less-than-truckload, flatbed, single source, final mile, and others.

Goldman Sachs and Co. LLC acted as financial advisor and Mitchell Williams served as legal advisor to J.B. Hunt.
Date Published: 11/01/2019
Target: Cory 1st Choice Home Delivery
Country: USA
Deal Size: 100m (USD)
Sector: Road Transport/Freight Transport
Type: Corporate acquisition
Financing: Cash
Status: Agreed
Buyer: J.B. Hunt Transport Services
Buyer Advisor: Goldman Sachs and Co , Mitchell Williams