Mullen Group Ltd. T.MTL

news

[okgonow]

Mullen Group Ltd. To Acquire ContainerWorld Forwarding Services Inc.

T.MTL | 1 hour ago

OKOTOKS, AB, Jan. 17, 2024 /PRNewswire/ - (TSX: MTL) Mullen Group Ltd. ("Mullen Group", "We", "Our" and/or the "Corporation") is pleased to announce that it has entered into a letter of intent ("LOI") to acquire Richmond, British Columbia based ContainerWorld Forwarding Services Inc. and its operating subsidiaries ("ContainerWorld"). The LOI contemplates standard due diligence and the execution of a purchase and sale agreement, both of which have been initiated. The transaction is scheduled to close in the second quarter of 2024, subject to regulatory approval and final closing conditions.

ContainerWorld is a Canadian logistics company that offers integrated supply chain solutions to the alcoholic beverage and hospitality industries. Through a network of customs and sufferance bonded warehouses, ContainerWorld provides: inventory management, freight forwarding, warehousing, and distribution services to international and domestic customers in the provinces of British Columbia and Ontario.

[junglejames]

With the recent expansion of the credit line  I thought Mullen was preparing for a substatial acquisition.  It looks like a series of tuck-ins will continue to be their preferred acquisition preference. When ( & if) TFII completes their split into operating companies, I expect MTL may itself become a target for take-over.  It's a well run company.