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J.B. Hunt Transport Services (NASDAQ:JBHT) announced it has finalized its previously announced acquisition of Cory 1st Choice Home Delivery.
"Cory's customer-first mentality and focus on the consumer experience have made it one of the best in the furniture business," said Nick Hobbs, executive vice president and president of Dedicated Contract Services at J.B. Hunt. "Those values very much align with ours, and we are proud to welcome Cory to the J.B. Hunt family."
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Cory will be integrated with J.B. Hunt's Final Mile Services, part of its Dedicated Contract Services business unit. Including the Cory acquisition, Final Mile now has over 100 locations and 3.1 million square feet of warehouse and facilities space.
Hunt funded the $100 million acquisition through its revolving credit line.
Cory specializes in residential deliveries of large and bulky items. Large-format deliveries that require two-person teams are a $15.5 billion annual business, according to data from consultancy SJ Consulting.
FreightWaves previously reported on the acquisition, noting that Hunt's Final Mile business was consistently running up against Cory's services.
"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, president and CEO of J.B. Hunt, said in a statement in January announcing the deal.
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.
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Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.