J.B. Hunt is set to acquire Zenith Freight Lines LLC
Lowell, Ark.-based trucking and intermodal services bellwether J.B. Hunt Transport Services Inc. said today it has entered into a definitive agreement to acquire the assets of Conover, N.C.-based Zenith Freight Lines LLC, a wholly-owned subsidiary of Bassett Furniture Industries Inc., a marketer and manufacturer of high-quality home furnishings.
Hunt officials said the purchase price was approximately $87 million, adding that when this acquisition is made official, J.B. Hunt and Bassett will enter into a long-term master services agreement whereby J.B. Hunt will continue to provide the exceptional service Zenith has performed for Bassett for almost 50 years.
“This investment enhances J.B. Hunt’s furniture delivery capabilities by expanding our nationwide, end-to-end supply chain solution for our customers, and we look forward to establishing a long-term connection with Bassett, a manufacturer and retailer of high-quality home furnishings and a leader in the industry,” said John Roberts, president and CEO of J.B. Hunt, in a statement.
Founded by Jack and Debbie Hawn, Hunt said Zenith provides specialized LTL transportation services for furniture manufacturers and retailers in the continental United States and moves products from manufacturing points or import locations utilizing employee drivers, late-model equipment, and approximately one-million square feet of warehouse space to facilitate over one-quarter of a million moves annually.
Following the acquisition, both founders will transition to key roles with J.B. Hunt to ensure a seamless integration with minimal impact on day-to-day service, according to Hunt.
And the company added that by bringing Zenith into the fold, this acquisition will expand J.B. Hunt’s industry-leading Final Mile Services segment, which operates one of the largest nationwide, commingled cross-dock operations. What’s more, it is comprised of 116 locations and more than 3.5 million square feet of warehouse and facilities space, and is able to serve 100% of the contiguous United States.
