January 29, 2019
J.B. Hunt Transport Services, Inc. (NASDAQ: JBHT), one of the largest supply chain solutions providers in North America, has announced its subsidiary, J.B. Hunt Transport, Inc., has entered into a definitive agreement to purchase Cory 1st Choice Home Delivery (“Cory”) for $100 million. Cascadia Capital acted as the exclusive financial advisor to Cory in the transaction.
Bloomberg News and the Wall Street Journal covered this transaction in greater detail in recent articles titled As Millennials Buy Everything Online, Truckers Reap New Riches and J.B. Hunt Builds Up the Last Mile.
Based in New Jersey and founded in 1934, Cory is a family-owned business that provides home delivery services of big and bulky products in the continental United States and U.S. territories through 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.
“This transaction showcases the growing market for and increasing consolidation of final mile and bulk product delivery services businesses, and the value placed on best-in-class performers in this segment,” noted Firdaus Pohowalla, Managing Director and Head of Industrials at Cascadia Capital. “It was a pleasure to work with the Cory team as they accomplished this key milestone for their business, and we are excited for the new opportunities this will bring.”
“The Cascadia team’s deep industry expertise and clear commitment to achieving the best outcome for the Cory family differentiated them from other national advisors,” said Patrick Cory, CEO of Cory. “Cascadia developed a highly-customized and tailored process which delivered a result that was far beyond our expectations. The Cascadia team worked closely with us, providing not just advice but supporting our every need. They were unequivocally the best guides for this journey.”
The acquisition represents another successful transaction for Cascadia in the Transportation & Logistics sector, and another bellwether transaction in the final mile logistics space. Cascadia most recently advised Watkins & Shepard in its acquisition by Schneider National, Haney Transportation & Logistics in its acquisition by Wilson Logistics, TransGroup Global Logistics in its partnership with AEA Investors, and Global Transportation Services in its sale to American Fast Freight.
For more information about this transaction, please contact the Cascadia Capital deal team:
Head of Industrials