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Costco Acquires Innovel Solutions for $1 Billion

Costco Acquires Innovel Solutions for $1 Billion

Thursday, March 19th, 2020

Bolstering its supply chain capabilities, Costco recently acquired Innovel Solutions for $1 billion. Through this deal, the wholesaler now has access to 11 distribution/fulfillment centers, over 100 final-mile cross-dock centers, and over 15 million square feet of warehouse space to add to its already 786 warehouses around the globe.

Craig Jelinek, Chief Executive Officer, Costco“We have had a great relationship with Innovel and share a philosophy of taking care of our members,” Craig Jelinek, Costco’s Chief Executive Officer, commented in a statement. “We believe the acquisition will allow us to grow our e-commerce sales of ‘big and bulky’ items at a faster rate.”

Costco announced today it has completed the acquisition of Innovel Solutions, a leading provider of third-party end-to-end logistics solutions

For decades, Innovel provided Sears and, more recently, third parties with “final mile” delivery, complete installation, and white-glove capabilities for “big and bulky” products across the United States and Puerto Rico. Innovel’s network offers coverage to nearly 90 percent of the U.S. and Puerto Rico.

How will this acquisition further boost Costco’s expansive reach? Will we soon hear of more expansion plans? Deli Market News will keep its eyes glued to the newswire.