Okotoks, AB /PRNewswire/ - (TSX: MTL) Mullen Group Ltd. ("Mullen Group", "We", "Our" and/or the "Corporation") is pleased to announce that it has entered into a definitive agreement in which Mullen Group will acquire International Warehousing & Distribution Inc. ("IWD"). IWD is based in Mississauga, Ontario and provides customs sufferance warehousing services, air import/export deliveries along with full container deliveries in the Greater Toronto Area ("GTA"). IWD utilizes a dedicated group of contractors that provide pick-up and delivery service in the GTA. We anticipate a fourth quarter 2020 closing, subject to the completion of conditions customary for a transaction of this nature.
"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. 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. I am pleased to advise that Steve Cox, a founder and owner of IWD, will remain in his current capacity during the transition period. Steve knows this business better than anyone and I look forward to working with him and the entire IWD team," 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.
This news release contains forward-looking information within the meaning of applicable securities legislation about the acquisition of IWD and the timing thereof. The forward-looking information is based on certain assumptions made by us in light of our experience and perception of current and historical conditions. Although Mullen Group believes that the forward-looking information contained in this news release is reasonable, there can be no assurance that such expectations will prove to be correct. Readers are cautioned not to place undue reliance on forward-looking information as actual results may differ materially from those express or implied.
Forward-looking information in this news release is identified by the words "will" and "anticipates" and includes suggestions of future outcomes, including about the future expansion of our business in eastern Canada.
Developing forward-looking information involves reliance on a number of assumptions and consideration of certain risks and uncertainties, some of which are specific to Mullen Group and others that apply to the industry generally. The assumptions on which our forward-looking information is based include other risks and uncertainties described from time to time in the filings Mullen Group makes with securities regulatory authorities.
The risks and uncertainties that could cause our actual results to differ materially, include, but are not limited to: the risk that, notwithstanding our current intentions regarding the acquisition of IWD and timing thereof, applicable regulatory approvals may be delayed or not be received at all and the acquisition may not be completed; as well as risks relating to the current and potential adverse impacts of the novel coronavirus pandemic.
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 securities laws.