OKOTOKS, AB: Mullen Group Ltd has signed an agreement to acquire Hi-Way 9 Express Ltd, Load-Way Ltd, Streamline Logistics Inc and 1006213 Alberta Ltd, known together as Hi-Way 9. The companies are based in Drumheller, Alberta.
“We are extremely pleased to add Hi-Way 9 to our growing business and are very confident that they will work closely with our Grimshaw Trucking group to significantly enhance our LTL business and service to customers in Alberta,” said Stephen Lockwood, president and co-chief executive officer. “We look forward to working with Hi-Way 9’s management team on enhancing the services offerings to Mullen Group’s existing customers and realizing on the potential synergies resulting from this acquisition. This is a quality—best in class—company with an established history, a strong management team and strong systems and as such we anticipated a quick and smooth transition.”
Mullen Group said the investment is expected to add about $50 million to it’s consolidated revenues and generate operating margins consistent with the other businesses in Mullen Group’s trucking and logistics segment. The deal is expected to close on June 1. Mullen Group will fund the purchase price from its existing cash reserves and by issuing common shares.
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