Hub Group, Lombard, IL, has signed a letter of intent to sell its interest in Hub Group Distribution Services. The transaction is expected to close by the end of the second quarter, and once the transaction is complete, the company will reportedly use the proceeds from the sale to pay down debt, provide capital for potential acquisitions and fund continued investment in the development of e-Business initiatives and systems enhancements.
The sales and operating partnership between Hub Group and HGDS will be maintained, enabling each organization to offer a broad range of services to customers.