Bassett Furniture Industries, Inc. (NASDAQ: BSET) on March 1 announced that it has completed the sale of substantially all of the assets of Zenith Freight Lines, LLC, a wholly-owned subsidiary of Bassett, to a wholly-owned subsidiary of J.B. Hunt Transport Services, Inc. (NASDAQ: JBHT), one of the largest supply chain solutions providers in North America. 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.”