Bassett Finalizes Sale of Zenith Freight Lines to J.B. Hunt

March 3, 2022  by Laurie Northington in Business Strategy, Industry   

As previously announced, the sale price is approximately $87 million subject to a customary post-closing working capital true-up. Bassett and J.B. Hunt have also entered into a long-term agreement whereby J.B. Hunt commits to providing Bassett with the exceptional service Zenith has performed for Bassett for almost 50 years.

“We are excited to have the transaction completed and are ready to move forward with reaping the strategic benefits of partnering with J.B. Hunt to provide our middle-mile transportation and warehousing needs,” said Rob Spilman, chairman and CEO. “We will provide additional information about our capital allocation strategy following our Board of Directors meeting next week.