by BASSETT, Va. – Bassett Furniture Industries said it has completed the sale of substantially all the assets of Zenith Freight Lines to a wholly owned subsidiary of J.B. Hunt Transport Services. The purchase price was $87 million subject to customary post-closing working capital procedures.
The sale was completed on Feb. 28, 2022.
The two companies also have entered into a long-term agreement in which J.B. Hunt, one of the largest supply chain solutions providers in North America, will provide logistics and transport services to Bassett Furniture through Zenith.
“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, adding that the company will provide additional details about its capital allocation strategy following its Board of Directors meeting next week.
