Zenith Freight Lines LLC is selling the remaining 51% share not owned by Bassett Furniture Industries Inc. to the furniture manufacturer.
Terms of the deal have not been released but it is expected to close in early February. The sale was due to estate planning considerations, according to a release.
Bassett has owned a stake in the company, which does business as Zenith Global Logistics, since 1999. It operates distribution centers in eight states and manages home delivery services for Bassett’s retail stores along with other retailers in local markets throughout the country.
Zenith will continue to be led by Jack Hawn as president and CEO with Deborah Hawn as executive vice president.
According to Robert H. Spilman Jr., Bassett's president and CEO, Zenith has seen its revenue grow more than 300% over the past decade.