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Costco just bought up a logistics company from Sears' owner for $1 billion

March 18, 2020 / ÁINE CAIN
SHARESHARESHARE

Costco announced Tuesday that it bought logistics company Innovel Solutions from Transform Holdco, the holding company currently operating Sears and Kmart, for $1 billion. In a press release published on the retailer's website, Costco described Innovel as providing its clients like Sears with "'final mile' delivery, complete installation and white glove capabilities for 'big and bulky' products across the United States and Puerto Rico." Innovel was founded in 2014, according to the Hoffman Estates, Illinois-based firm's LinkedIn page. The company specializes in storing and moving items of all sizes, including furniture, large appliances, and even entire wine cellars. According to Costco's statement, Innovel's logistics network boasts coverage of 90% of the US and Puerto Rico and features 11 fulfillment centers containing 15 million feet of warehouse space.