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J.B. Hunt (NASDAQ:JBHT) announced that its subsidiary J.B. Hunt Transport Inc. acquired final-mile provider RDI Last Mile Co. Terms of the deal that closed Dec. 31 were not disclosed, but J.B. Hunt said that the acquisition was funded using its revolving credit facility.
With annual revenue of $35 million, South Easton, Massachusetts-based RDI provides home delivery of large, bulky products primarily throughout the Northeast. The company uses contract carriers for the home delivery of furniture, appliances and other merchandise for many major brands and retailers. The company was founded in 1987.
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"Growing our final-mile delivery capabilities is a priority, and the acquisition of RDI further extends our expertise in furniture delivery," said J.B. Hunt President and CEO John Roberts.
RDI is J.B. Hunt's third final-mile acquisition since 2017. The company acquired New Jersey-based Cory 1st Choice Home Delivery for $100 million in 2019 and Houston-based Special Logistics Dedicated in 2017 for $136 million.
J.B. Hunt's Final Mile Services group is a division of the company's Dedicated Contract Services business unit, operating one of the nation's largest commingled cross-dock operations serving all of the contiguous U.S. Final Mile Services includes 104 locations and 3.2 million square feet of warehouse space with the acquisition of RDI.
"Providing our customers with a comprehensive, high-quality delivery experience drives our final-mile services. RDI is a reputable furniture delivery provider, and we are excited to welcome them to J.B. Hunt," said Nick Hobbs, executive vice president and president of Dedicated Contract Services.
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Image by Renee Gaudet from Pixabay
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.