OKOTOKS, AB, Sept. 1, 2020 /CNW/ - (TSX: MTL) Mullen Group Ltd. ("Mullen Group", "We", "Our" and/or the "Corporation") is pleased to announce that it has acquired the remaining 60.0 percent of the shares of Pacific Coast Express Limited ("PCX") that the Corporation did not already own (the "Transaction"). In 2018, Mullen Group made an equity investment in PCX as part of our strategy of investing in quality companies providing less-than-truckload, logistics and warehousing services. In addition to this Transaction, Mullen Group will acquire two (2) of PCX's operating facilities, one in Calgary, Alberta and one in Winnipeg, Manitoba. The Transaction closed on September 1, 2020.
PCX is based out of the Lower Mainland of British Columbia and provides expedited handling of international less-than-truckload and truckload shipments to and from western Canada, the western United States and Mexico, along with shipments between multiple points in western Canada. PCX operates an owner operator and logistics model from four (4) locations with its head office in Surrey, British Columbia, along with operating terminals in Edmonton and Calgary, Alberta and Winnipeg, Manitoba. PCX's operating results will be included in Mullen Group's Less-Than-Truckload segment and it is expected that PCX will add approximately $25.0 million of annualized revenue.
"We have made a number of equity investments in well-run private companies over the years with a particular focus on strong Canadian based trucking and logistics companies. The strategic rationale of these investments is knowing that at some point in the future these well-run companies would become part of Mullen Group. PCX has strong ties to U.S. based shippers and a leading U.S. national carrier. This investment reinforces our strategic rationale of making long-term investments into businesses that support the consumer part of the economy, namely less-than-truckload, final mile delivery and logistics. I would like to take this opportunity to welcome PCX's 120 employees and contract owner operators to the Mullen Group and I know that PCX's operating performance will be strengthened by joining Mullen Group's less-than-truckload network," said Mr. Murray K. Mullen, Chairman and Chief Executive Officer.
About Mullen Group Ltd.
Mullen Group is a logistics company that owns a network of independently operated businesses. The Corporation is recognized as one of the leading suppliers of trucking and logistics services in Canada providing a wide range of service offerings including less-than-truckload, truckload, warehousing, logistics, transload, oversized and specialized hauling transportation. In addition, we provide a diverse set of specialized services related to the energy, mining, forestry and construction industries in western Canada, including water management, fluid hauling and environmental reclamation. The corporate office provides the capital and financial expertise, legal support, technology and systems support, shared services and strategic planning to its independent businesses.
Mullen Group is a publicly traded corporation listed on the Toronto Stock Exchange under the symbol "MTL". Additional information is available on our website at www.mullen-group.com or on SEDAR at www.sedar.com.
Disclaimer
This news release may contain forward-looking statements that are subject to risk factors associated with the oil and natural gas business and the overall economy. Mullen Group believes that the expectations reflected in this news release are reasonable, but results may be affected by a variety of variables. The forward-looking information contained herein is made as of the date of this news release and Mullen Group disclaims any intent or obligation to update publicly any such forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable Canadian securities laws. Mullen Group relies on litigation protection for "forward-looking" statements.
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SOURCE Mullen Group Ltd.
View original content: http://www.newswire.ca/en/releases/archive/September2020/01/c6190.html
Mr. Murray K. Mullen - Chairman of the Board, Chief Executive Officer and President, Mr. P. Stephen Clark - Chief Financial Officer, Mr. Richard J. Maloney - Senior Vice President, Ms. Joanna K. Scott - Corporate Secretary & Vice President, Corporate Services, 121A - 31 Southridge Drive, Okotoks, Alberta, Canada T1S 2N3, Telephone: 403-995-5200, Fax: 403-995-5296Copyright CNW Group 2020