The acquisition will be funded using J.B. Hunt’s existing revolving credit facility, the company said.
“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 J.B. 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 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, J.B. Hunt said.
J.B. Hunt said its final-mile division of the Dedicated Contract Services business unit operates one of the largest nationwide, co-mingled cross-dock operations and has the ability to serve 100 percent 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, the final-mile division will grow to include 100 locations and more than 3.1 million square feet of warehouse and facilities space.
Goldman Sachs & Co. LLC acted as financial adviser and Mitchell Williams served as legal adviser to J.B. Hunt.