J.B. Hunt Transport Services Inc. (NASDAQ: JBHT) announced Monday that subsidiary J.B. Hunt Transport Inc. has acquired commercial fitness delivery and installation company Mass Movement. Financial terms of the transaction were not disclosed but the press release stated the deal was funded with cash on hand.
“Mass Movement presents an opportunity to expand our expertise in the final-mile delivery of big and bulky products. The acquisition complements our current service and will enhance our ability to meet the growing demand of customers in the commercial health and fitness industry,” said J.B. Hunt President and CEO John Roberts.
The transaction marks the fourth final-mile acquisition for J.B. Hunt since 2017. In 2019, the company acquired furniture and appliance in-home delivery provider RDI Last Mile for an undisclosed amount and Cory 1st Choice Home Delivery in a $100 million transaction. In 2017, it purchased Special Logistics Dedicated in a $136 million deal.
J.B. Hunt began separating results for its Final Mile Services segment in March. The division, formerly a part of Dedicated Contract Services, reported $475 million in revenue through the first nine months of 2020, an 18% year-over-year increase. The company’s final-mile segment is one of the largest in the country with 117 locations and more than 3.4 million square feet of space.
Founded in 1996, Mass Movement generated $29 million in revenue last year delivering, assembling and installing commercial fitness equipment throughout North America. The company has delivered more than 2 million pieces of equipment from its six distribution locations. Both of the company’s founders, Dom Simonetti and Jim Sullivan, will join J.B. Hunt as employees, remaining in leadership roles as the company expands its footprint in the fitness equipment delivery industry.
“Mass Movement is highly regarded among industry manufacturers and facility owners. Its reputation and service quality align with ours, and we look forward to welcoming Mass Movement’s employees to the J.B. Hunt family,” said Nick Hobbs, EVP and president of the dedicated and final-mile divisions.
The law firm of Mitchell, Williams, Selig, Gates & Woodyard PLLC acted as the legal adviser to J.B. Hunt on the transaction.