J.B. Hunt acquires company for Final Mile Services segment
by November 30, 2020 9:16 am 1,341 views
Lowell-based carrier J.B. Hunt Transport Services Inc. announced Monday (Nov. 30) the acquisition of Foxboro, Mass.-based fitness equipment hauler Mass Movement Inc. It’s the company’s fourth acquisition in final mile transportation since 2017.
J.B. Hunt acquired the assets of Mass Movement on Monday. Financial terms of the deal were not disclosed.
“Mass Movement presents an opportunity to expand our expertise in the final mile delivery of big and bulky products,” said John Roberts, president and CEO of J.B. Hunt. “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.”
Mass Movement has more than 20 years of experience providing logistics, delivery, assembly and installation services for the commercial fitness industry and had $29 million in revenue in 2019. The company was founded in 1996 by Dom Simonetti and Jim Sullivan and has delivered more than 2 million pieces of equipment to over 3,500 fitness centers throughout North America. Simonetti and Sullivan will become employees of J.B. Hunt and serve in leadership roles as the company expands its delivery of fitness equipment.
Mass Movement has contracts with fitness equipment manufacturers and buyers, such as Life Fitness, Precor, Star Trac, FreeMotion, Nautilus Commercial Fitness, Cybex and StairMaster, according to its website. Some of its clients include Nike, Apple and The Biggest Loser.
“Mass Movement is highly regarded among industry manufacturers and facility owners,” said Nick Hobbs, executive vice president and president of Dedicated Contract Services and Final Mile Services for J.B. Hunt. “Its reputation and service quality align with ours, and we look forward to welcoming Mass Movement’s employees to the J.B. Hunt family.”
The acquisition is J.B. Hunt’s fourth since 2017 and will expand the company’s Final Mile Services segment, which operates one of the largest nationwide, commingled cross-dock operations. It has 117 locations and more than 3.4 million square feet of warehouse and facilities space and can serve 100% of the contiguous United States. In 2019, J.B. Hunt acquired the assets of RDI Last Mile Co. and Cory 1st Choice Home Delivery. It also purchased Special Logistics Dedicated in 2017.
The Mass Movement acquisition was completed using cash on hand, and law firm Mitchell, Williams, Selig, Gates & Woodyard PLLC was legal adviser to J.B. Hunt.
Shares of J.B. Hunt (NASDAQ: JBHT) were trading early Monday at $136.05, up 76 cents, or 0.56%. In the past 52 weeks, the stock has ranged between $144.35 and $75.29.