Costco Acquires Logistics Firm Innovel for $1 Billion
Costco has a plan to grow its online sales of “big and bulky” merchandise. The retailer recently acquired logistics firm Innovel, formerly a subsidiary of Transform Holdco. Innovel will continue to do business with other retailers besides Costco, including Sears.
“We have had a great relationship with Innovel and share a philosophy of taking care of our members,” Costco CEO Craig Jelinek said. “We believe the acquisition will allow us to grow our e-commerce sales of ‘big and bulky’ items at a faster rate.”