• ITVI.USA
    15,341.400
    78.550
    0.5%
  • OTRI.USA
    24.780
    0.360
    1.5%
  • OTVI.USA
    15,289.500
    66.220
    0.4%
  • TLT.USA
    2.690
    0.010
    0.4%
  • TSTOPVRPM.ATLPHL
    2.550
    -0.030
    -1.2%
  • TSTOPVRPM.CHIATL
    3.030
    -0.080
    -2.6%
  • TSTOPVRPM.DALLAX
    1.450
    0.150
    11.5%
  • TSTOPVRPM.LAXDAL
    2.910
    -0.030
    -1%
  • TSTOPVRPM.PHLCHI
    1.700
    -0.040
    -2.3%
  • TSTOPVRPM.LAXSEA
    3.020
    -0.010
    -0.3%
  • WAIT.USA
    120.000
    0.000
    0%
  • ITVI.USA
    15,341.400
    78.550
    0.5%
  • OTRI.USA
    24.780
    0.360
    1.5%
  • OTVI.USA
    15,289.500
    66.220
    0.4%
  • TLT.USA
    2.690
    0.010
    0.4%
  • TSTOPVRPM.ATLPHL
    2.550
    -0.030
    -1.2%
  • TSTOPVRPM.CHIATL
    3.030
    -0.080
    -2.6%
  • TSTOPVRPM.DALLAX
    1.450
    0.150
    11.5%
  • TSTOPVRPM.LAXDAL
    2.910
    -0.030
    -1%
  • TSTOPVRPM.PHLCHI
    1.700
    -0.040
    -2.3%
  • TSTOPVRPM.LAXSEA
    3.020
    -0.010
    -0.3%
  • WAIT.USA
    120.000
    0.000
    0%
CanadaCompany earningsFinanceLess than TruckloadLogisticsNewsTruckingTruckloadWarehouse

Mullen Group adds customs warehouse, container delivery outfit to portfolio

Alberta-based Mullen announces second acquisition in a month

Canadian trucking and logistics company Mullen Group (TSX: MTL) announced an agreement to acquire Mississauga, Ontario-based International Warehousing & Distribution Inc. (IWD), a provider of customs warehouse and container delivery services.

IWD offers short-term warehouse storage of goods awaiting customs clearance, delivery of import and export airfreight, and full container delivery throughout the greater Toronto area. The company uses a group of dedicated contractors to facilitate pickup and delivery.

The deal is expected to close in the fourth quarter. No financial terms were disclosed.

“This is the type of acquisition that adds value to shareholders. Currently it is not large in terms of revenue, however, as we expand our presence in eastern Canada, IWD will undoubtably serve as a platform for future growth,” stated Mullen Group Chairman and CEO Murray Mullen in the Friday press release.

IWD founder and owner Steve Cox will remain in place during the transition.

“The acquisition of IWD aligns with our strategy of investing into businesses that support the consumer part of the economy. More importantly, this acquisition demonstrates our focus on building out our logistics and warehousing network in the largest metropolitan area in Canada where over seven million consumers live, namely the GTA,” continued Mullen.

In early September, Mullen acquired the remaining 60% of outstanding shares of less-than-truckload (LTL) carrier Pacific Coast Express Limited (PCX). The carrier is based near Vancouver, British Columbia, specializing in cross-border LTL shipments. Mullen previously purchased a minority stake in PCX in 2018.

Mullen Group is one of Canada’s largest trucking and logistics outfits, operating a network of independently run companies throughout western Canada and Ontario.

Click for more FreightWaves articles by Todd Maiden.

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Todd Maiden

Based in Richmond, VA, Todd is the finance editor at FreightWaves. Prior to joining FreightWaves, he covered the TLs, LTLs, railroads and brokers for RBC Capital Markets and BB&T Capital Markets. Todd began his career in banking and finance before moving over to transportation equity research where he provided stock recommendations for publicly traded transportation companies.

One Comment

  1. Im sure both parties in the deal are happy. Hope it leads to growth in communities accross canada I mean just look at projects like Beedie Group 5255 North Fraser Way — a 14.9-acre property. 233,000 sq ft of warehouse space, plus 101,000 sq ft of warehouse-serving office space. The total floor area is 334,000 sq ft., this will create over 100 jobs in 1 location.

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