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From Home Furnishing Business

J.B. Hunt Acquires Bassett’s Subsidiary, Zenith Freight Lines

J.B. Hunt Transport Services (NASDAQ: JBHT) has announced its acquisition of  Zenith Freight Lines, a wholly-owned subsidiary of Bassett Furniture Industries (NASDAQ: BSET) for $87 million in cash.

The acquisition will expand J.B. Hunt’s Final Mile Services segment as Zenith provides specialized LTL transportation services for furniture manufacturers and retailers in the continental United States.

To note, Zenith posted revenue of $87 million in the fiscal year ending November 2021, with Bassett representing one-third of its business.

"Disruption caused by the pandemic aside, we believe that the consolidation of traditional specialized furniture transportation is inevitable," said Robert H. Spilman, Jr., Bassett’s CEO and chairman of the board.

The transaction is expected to close by Feb. 28, 2022.

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