Mullen Group (TSX:MTL) has acquired two carriers in British Columbia, growing the Canadian transportation and oil services company’s less-than-truckload and delivery business.
Alberta-based Mullen purchased Argus and Inter-Urban, which generate a combined C$25 million (A Canadian dollar equals US$0.77) in annual revenue.
“These businesses have a long-standing history of providing a quality trucking/logistics service in the Province of British Columbia, a tradition we intend to continue to build upon,” Mullen CEO Murray Mullen said in a statement on July 2.
Argus, based in Burnaby, has 57 trucks and specializes in local deliveries, regional less-than-truckload, linehaul and cross-border freight in the Pacific Northwest. Abbottsford-based Inter-Urban, with a fleet of 43-trucks, offers less-than-truckload services and specializes in same-day delivery services for the medical industry.
“We intend to further invest in both companies to capitalize on new opportunities,” Mullen said.
Mullen Group closed a C$110 bought-deal offering on June 21, and also expanded its line of credit with the Royal Bank of Canada by C$25 million.
The acquisitions, which closed on July 1, build on the growing strength of Mullen’s transportation and logistics segment, which set first-quarter profit and revenue records this year.
Mullen reported in April that its 14 transportation and logistics firms, all based in Canada, generated C$30.1 million on revenue of C$215.2 million in the first quarter of 2019.
Murray Mullen told analysts that he would be looking to purchase transportation and logistics firms during the year.
Supply Chain AI Symposium
Past the hype. Join operators, founders, and enterprise leaders figuring out how to deploy AI in supply chain.
F3: Future of Freight Festival
Industry-defining keynotes, rapid-fire technology demos, and industry leaders networking in experiences across Chattanooga - plus the inaugural F3 Awards Dinner featuring the FreightTech and Shipper of Choice reveals.
Past the hype. Join operators, founders, and enterprise leaders figuring out how to deploy AI in supply chain.
The Old Post • Chicago, IL Register NowIndustry-defining keynotes, rapid-fire technology demos, and industry leaders networking in experiences across Chattanooga - plus the inaugural F3 Awards Dinner featuring the FreightTech and Shipper of Choice reveals.
The Signal at Chattanooga Choo Choo • Chattanooga, TN Register Now