Latest news with #Alberta-based
The Market Online
9 hours ago
- Business
- The Market Online
Despite turbulent markets this logistics company continues to grow
Alberta-based logistics company, Mullen Group Ltd. (TSX:MLT) is making major moves in 2025. In this interview we unpack the Cole Group of Companies acquisition and dive into the details of Mullen's C$400 million private placement debt, which is fueling the company's expansion. Joanna Scott, Senior Corporate Officer, and Carson Urlacher, Senior Financial Officer at Mullen Group join Stockhouse for an update. Stockhouse: So, Joanna, I'm going to start with you here. The Mullen Group has certainly been busy over the first half of 2025. I mean, that is clear. So, my first question is, if you can tell us more about what the company has been up to? JS: lt's been a great time for Mullen Group and in an uncertain market and we've had a lot of exciting things happening, two of which stand out to us because they really set us up for the long term and our future. And that is, as you had said, our acquisition of the Cole Group of companies, which we announced the closing of today, and also our private placement notes offering. We priced that and we announced that pricing on May 22nd, 2025. Stockhouse: Well, let's peel that back just a little bit more, and maybe, Joanna, you can continue on here. Tell us about your acquisition of the Cole Group of companies and what Cole Group actually does. JS: Yes, and I'll start by saying we are absolutely thrilled to add the Cole Group to our organization and to welcome its employees into our group of companies. But before I get into that, I just want to step back and explain a little bit about why we were able to do the Cole acquisition when we did, and we have to go all the way back to 2022 at a time when a lot of other companies in the industry were growing and buying companies. We actually didn't like the valuations at that time. And so, we kind of sat back and we were quiet and we were disciplined, and we kind of held our cash for another day. And lo and behold, that day came not that long ago, and we were thrilled to be able to use that money to acquire such a great company. It's a gem and it really is a generational opportunity to be able to acquire the Cole group and, put it into our group of companies. Stockhouse: Absolutely. Now what do they do? JS: Well, they're over a hundred years old, and they were founded in the 1920s, and they have a long proven record of success. They are an industry leading full spectrum logistics company, and they do customs brokerage as kind of their main line of business, and then they also do some freight forwarding and some customs consulting services. They also operate throughout Canada and the US from 43 locations. And those locations are strategically located at air and seaports and land borders, and they also have over 700 employees that provide industry leading customs and logistics services to a very diverse group of North American and international customers. And they do that through a suite of proprietary technology software. Stockhouse: Wow. Now quite a partnership that you all have now. Let's flip to you, Carson. What about the financial metrics behind the acquisition? What insights can you share about that? CU: So, Cole Group is expected to generate roughly about 300 million of annualized revenue and approximately 20 million of operating income before depreciation and amortization. So that's commonly referred to as EBITDA. So, Cole Group operates a very non-asset based business. So, EBITDA is essentially EBIT. Now, what did we pay for it? It was approximately 190 million of cash consideration, which is subject to a working capital adjustment, which is no different than a lot of transactions of this size and nature. So, the working capital we'll receive 29 million of working capital upon closing of the transaction, and included in the 190 million of consideration is also 10 million of real estate mainly associated with office space and those sorts of things that that we'll end up acquiring as part of the transaction. Stockhouse: Wow. This is fascinating. Joanna, I'm going to go back to you on this one. Can you tell our audience a bit about the strategic rationale behind the acquisition? JS: Sure. And, there were a number of reasons why we really liked the Cole acquisition. And you know, you've probably heard us talk about our precision-based acquisitions. It has to be the right fit, the right price, and have the right synergies. And the Cole Group fit that for a number of reasons, but I'll give you kind of five key strategic reasons why we liked it. The first is it really allows us to expand that non-asset-based logistics and our entire mile service offering. And that provides our customers with enhanced choice and flexibility. It also provides meaningful synergies through cross-selling opportunities with our US 3PL segment, and then also within other divisions of Mullen Group. It also allows us to assist our customers in managing the increasingly complex global trade market. I think we can all agree that tariffs and trade are not getting any easier these days. And then another thing you'll hear us talk about is our free cash. The acquisition of Cole Group will be immediately accretive. They generate free cash and they have minimal capital expenditures. They're really just made up of very skilled professional employees and technology and we like that business model. And lastly, it is a foundation for our long-term growth. The Cole group really does that. It establishes a robust platform for us for our future growth in the US and the international logistics segment. And it's something that we really have been focused on lately for the longer term. Stockhouse: So you really just took your time and really did your due diligence, and that is so important to make sure that that partnership, you know, is a success. So, great job on that for sure. Now, Carson, the big question on this, how did the funding come together for the acquisition of Cole Group? CU: Well, you know, as to Joanna's point earlier, we really didn't use a lot of our bullets when the market was peaked back in 2022 and 2023. So, we have initially funded the transaction using our 525 million of bank credit facilities. But we always, our strategy has always been to match long-term assets, including acquisitions with long-term structured debt. So, what we did on May 22nd was we entered into the private debt markets raising 400 million of 12 year money and basically structured that debt out over the long term. So over that 400 million, a portion of those proceeds are going to be used to repay that 525 million of bank line. So we'll be undrawn. We'll also be refinancing some notes that are coming due next year in October of 2026 with that funding. And it's also going to leave us with approximately 125 million of cash on the balance sheet with which we can deploy going forward. So, a liquidity position, we're going to have over 600 million of liquidity, including our cash and our undrawn bank line. So on we're in a pretty good space going forward. Stockhouse: Great job, guys, for sure. Now, as we close out our time here today, Carson, what additional information can you let us in on with your private placement debt transaction? CU: Well, I think the private placement can be characterized. You know, we were very well received, again with the private debt markets. We had very strong demand. In fact, we were over seven times oversubscribed on the bids compared to our initial offering. So having a structured debt like this really puts us in elite territory compared to our peers. You have to have a balance sheet that's structured with real estate and consistently generate free cash over the long term in order to play in this market. So, it really differentiates us from a lot of our peers. So the, the notes are actually getting into more specifics of them -they're combined with both Canadian and U.S. denominated currency at approximately about a 6.2 interest rate coming due in 12 years. Which is remarkably consistent with 20 years ago when we entered into the debt markets. The interest rates are almost identical as to as to what we've achieved now. So, it's expected to close in early July. So, we'll get the funding then. And I'd also say that this round of financing is essentially the same financial terms financial covenants as to the debt that we raised last summer. So really what we did was we de-risked the risk of, of not being able to finance next summer. Who knows where the debt markets and the interest rates are going to be next year. So, what we wanted to do was de-risk it, and, and we used the opportunity to refinance next year's notes along with the Cole acquisition now to really be able to put our balance sheet into a secure position on behalf of our shareholders and really protect that dividend and our balance sheet going forward. Stockhouse: Well, let's lean into that just a little bit further then, Carson. How satisfying is it for Mullen to be able to execute on its strategy despite all of the uncertainty right now in the market? CU: Well, that's a very good point. You know, it is in uncertain times. We're still showing both growth with the Cole acquisition. So, we're growing our business in a time where everyone else is kind of on the defensive and really, we put our balance sheet in a position where, where we can now sit back and deploy capital and not have to worry about financing over the next decade. So really, it's putting us in an enviable position. JS: It sure is. And I think I just add to Carson to say a huge shout out to the team here at Mullen Group. We've done a fantastic job, and I couldn't be more proud of our team and just very excited about what the future holds for Mullen Group. Stockhouse: Absolutely. And there seems to be a lot on the go, and we hope to have you back for further updates soon. Mullen Group Ltd.'s website is and you can find them on the TSX under the ticker symbol MTL. Join the discussion: Find out what everybody's saying about this stock on the Mullen Group investor discussion forum, and check out the rest of Stockhouse's stock forums and message boards. Join the discussion: Find out what everybody's saying on investor discussion forums at Stockhouse's stock forums and message boards. The material provided in this article is for information only and should not be treated as investment advice. For full disclaimer information, please click here.
Yahoo
2 days ago
- Health
- Yahoo
Expert advises to 'keep pets inside' amid Canadian wildfire smoke warnings: How to keep your dog or cat safe
As parts of Canada — including Alberta, Manitoba and Saskatchewan — continue to navigate the effects of raging wildfires, many Canadians and Americans are seeking ways to cope with compromised air quality. People in affected areas are advised to avoid spending time outdoors and people at-risk of respiratory conditions are encouraged to wear N95 masks. But what about our pets? As Canadian families cope with the impact of smoke, it's important to ensure the safety of all members — even the furry ones, like our dogs and cats. Read on for everything you need to know. Dr. Louis Kwantes, former president of the Canadian Veterinary Medical Association, previously told Yahoo Canada that "the danger mirrors the danger to people" for pets exposed to wildfire smoke. That's especially true for pets who go outside. "Dogs love to go outside, but they can also be negatively affected by the smoke — they are," Kwantes said. "I'm thinking about cats with asthma, they can be significantly affected, even indoors too." The impact of smoke is very similar to that on humans. "If they're really close to the fire, there's things like toxic gases and so forth. But most of it, is particulate matter that will actually get down into the lungs," the Alberta-based vet explained. That particulate matter is known as PM 2.5 particles. "The function of a dog's lungs or cat's lungs is very, very similar to human lungs... Birds' lungs are different, but they also definitely can be affected... we recommend keep them inside if they can," he added. "So the damage that it can do to lung parenchyma, or lung tissue, is very similar between our pets and ourselves." Though N95 masks are advised for high-risk people, according to Kwantes, masks for dogs are not the most effective safety measure. "They don't fit properly, and so if you have leakages, whether it's a homemade masks or another one, that's a problem. And also, [dogs] usually don't tolerate them very much," he explained. "What we suggest is where the air quality is very poor, that we keep the pets inside." For those with active dogs involved in outdoor activities, Kwantes added, it's best to limit those activities. "The more they're heavy breathing, it's going to impact the lung function more seriously when the air quality is poor." For cats — which he recommends keeping indoors anyways — he suggests HEPA filters for some rooms. "If we're in an area of the country where the air quality is particularly poor outside, and we're able to go to set up a HEPA filter for even a small part of the house, then both for pets and for ourselves, that's a better place to be when necessary." Kwantes said owners shouldn't "push boundaries" with the dangers of wildfire smoke, and they should look out for symptoms. "If a person does take their dog out and be quite active... and they come back coughing or have significant problems, that's a real issue," the animal doctor said. "I would suggest that pet owners keep a close eye for the signs of problems with poor air quality." These are generally respiratory problems, he said, including: runny nose, coughing, sneezing, runny eyes. "If you see those type of things, then you know that you're already in the danger zone," Kwantes said. Mild signs, such as slight heavy breathing, should be a first warning sign to get your pets inside. But any escalation would be good enough of a reason for a visit to the vet. "Use your common sense," he advised. Keep your pet out from areas of danger — that means keep them inside. For animals with history of health problems, even mild symptoms could lead to serious consequences. "You don't want them to end up with chronic bronchitis or lung consolidation or other issues," he claimed. "I generally say, if you're concerned, that's enough of a concern to go to the veterinarian." Even if the pet isn't showing signs of irritation, use yourself as measure, Kwantes added. "If we're healthy, and we can sense that the smoke is kind of irritating, you can be sure that it will be irritating your pet."
Global News
28-05-2025
- Health
- Global News
Canadian doctors group challenging constitutionality of Alberta transgender law
A group representing Canada's doctors is challenging the constitutionality of Alberta's legislation limiting access to medical treatment for transgender youth, arguing it violates their Charter right to freedom of conscience. The Canadian Medical Association says the challenge, filed Wednesday in Alberta Court of King's Bench, is meant to protect the relationship between patients and doctors when it comes to making treatment decisions. 'This is a historic and unprecedented government intrusion into the physician-patient relationship and requires doctors to follow the law rather than clinical guidelines, the needs of patients and their own conscience,' the association said in a statement. The legislation was part of a trio of bills affecting transgender people that Alberta Premier Danielle Smith's government passed last year. 2:06 Alberta tables bills affecting transgender youth, student pronouns, sex education The association, which represents more than 75,000 physicians, is specifically challenging the bill that blocks doctors from prescribing hormone therapy and puberty blockers to children under 16 and bans gender reassignment surgeries for those under 18. Story continues below advertisement The other bills ban transgender women from competing in amateur women's sports and require children under 16 to have parental consent to change their names or pronouns at school. Smith has said the medical treatment legislation is necessary to protect children and ensure they don't make major decisions before they become adults. Get breaking National news For news impacting Canada and around the world, sign up for breaking news alerts delivered directly to you when they happen. Sign up for breaking National newsletter Sign Up By providing your email address, you have read and agree to Global News' Terms and Conditions and Privacy Policy Dr. Jake Donaldson, who is one of three Alberta-based doctors involved in the court challenge, said the law has put him and other doctors in a 'state of moral crisis.' 'It is encroaching upon sort of the autonomy of physicians and our ability to provide what we believe is best, and individualized, evidence-based care for patients,' the Calgary family doctor said in an interview. 'It forces me to sort of stand on the sidelines and refuse to provide care to patients who would otherwise, in all likelihood, significantly benefit from it.' Donaldson said he has roughly 40 young patients who receive the kinds of treatment the law outlaws, although a grandfather clause in the legislation means those patients aren't being cut off. 'From the standpoint of gender-affirming care, what we are able to do in the medical world is help people,' Donaldson said. 'There's good evidence behind what we're doing, (and) there are guidelines that we follow. Nobody's making decisions willy-nilly.' Story continues below advertisement Association president Dr. Joss Reimer said Donaldson isn't alone in being in a moral crisis as a result of the law. She said the association doesn't want to see physicians 'put in a position where they have to choose between following their ethical guidelines … following what their college expects of them, what the guidelines say, or following the law.' 'It's not unprecedented for the CMA to get involved in legal matters, but it was unprecedented for a bill in Canada to restrict the ability for physicians to offer advice to patients,' Reimer said. 4:22 Protests against Alberta Premier Danielle Smith's sweeping new transgender policy in Calgary, Edmonton Alberta Justice Minister Mickey Amery's press secretary Heather Jenkins said in an email that the government believes the bill will protect children from making 'irreversible decisions.' 'Alberta's government will vigorously defend our position in court,' Jenkins said. Story continues below advertisement The association isn't the first to challenge the constitutionality of Smith's legislation. In December, advocacy groups Egale Canada and the Skipping Stone Foundation, as well as five Alberta families, launched a Charter challenge against all three bills. They also filed for an injunction. Hearings for the injunction application took place in Calgary in March, but a judge has yet to make a ruling. A spokesperson for Egale said in a statement that it welcomes the medical group's challenge. 'No one benefits when governments insert themselves into the relationship between doctors and patients,' it said. Smith has previously said she thinks the three bills strike a fair balance and that the Charter allows for limits on rights. 'We have all kinds of restrictions on the ability of minors to make decisions. And we do that because we want to make sure that they are at full capacity to be able to make decisions that are going to be consequential to them,' the premier said in December. Smith said later that month that she would use the Charter's notwithstanding clause 'as a last resort' to override possible breaches to ensure the legislation is implemented.
Hamilton Spectator
26-05-2025
- Business
- Hamilton Spectator
Servus Credit Union Now Canada's Largest Credit Union
EDMONTON, Alberta, May 26, 2025 (GLOBE NEWSWIRE) — Servus Credit Union Ltd. (Servus) has officially become Canada's largest credit union by total assets, a historic milestone for the Alberta-based credit union and its members. This designation, as recognized by the Canadian Credit Union Association (CCUA), reflects years of disciplined operational decisions, a growing number of Albertans who bank with Servus, and the completion of a successful merger with connectFirst Credit Union on May 1, 2024. The milestone marks a major shift in Canadian credit union history — after more than four decades, the title of Canada's largest credit union has shifted from B.C.-based Vancity to Servus. This achievement is based on year-end 2024 results, as just reported by the CCUA. 'This is a proud moment for the entire Servus community – members and employees,' says Ian Burns, President and CEO of Servus Credit Union. 'It reflects years of hard work, smart decisions, and the trust that an ever-growing number of Albertans place in us. This milestone isn't just symbolic. It's national recognition that underscores the strength of the products, services and member-centric approach that we provide.' With a consolidated asset base nearing $30 billion, Servus is well-positioned to challenge traditional banking models and offer Albertans a compelling, cooperative, and values-driven alternative to the big banks. As the largest credit union in Canada, Servus has the size and strength to deliver value to its members through innovative offerings and personalized, locally made decisions. 'Every year, we see more Albertans and Alberta businesses turning to us for their banking needs. This is a testament to the power of the cooperative banking model and the value we offer – such as a 100 per cent deposit guarantee, profit sharing with members and recent enhancements to our digital banking platforms. If you're not already benefitting from these things, perhaps it's time to check us out,' says Burns. Burns notes the credit union's disciplined approach as a fundamental driver of this success, where a focus on stability and capital strength have set the stage for long-term success. Burns adds, 'Becoming Canada's largest credit union is a remarkable milestone, but our real strength lies in the long game — we will continue to make deliberate decisions to build lasting success for the good of our credit union and members, to progress the future of cooperative banking in Alberta.' Servus has a long-standing presence in Alberta, with 147 branches serving more than half a million members. From financial advisors helping members reach personal goals, to business banking experts supporting Alberta's entrepreneurs, to a Wealth Strategies team offering tailored investment advice – Servus is dedicated to helping its members feel good about their money. About Servus Credit Union Ltd. Servus Credit Union has recently merged with connectFirst Credit Union. The resulting entity has served Albertans for over 80 years with a full line of secure financial services. The financial institution has 147 branches in 80 communities throughout the province as well as options for online and mobile banking. For more information about Servus, call 1.877.378.8728 or visit Media contact: media@ 825.402.0740
Calgary Herald
23-05-2025
- Business
- Calgary Herald
Four-peat: Jayman Built wins national design excellence award
Alberta continues to dominate headlines by winning multiple awards in the 2025 Canadian Home Builders' Association (CHBA) National Awards for Housing Excellence held May 15 in Victoria, B.C. Article content Article content Prolific production builder Jayman Built and premier custom home builder/renovator Vicky's Homes were front runners in the annual national competition held on Vancouver Island during CHBA's National Home Building Week. With an unprecedented 1,000 entries covering four dozen building, renovating, design, community development and marketing categories, 12 Alberta-based companies won 20 of those 48 categories plus two of the three prestigious aggregate awards for excellence. Article content Article content Awards organizer and CHBA director of marketing and communications, Natasha Rombough, said Alberta companies have had a lot of success on the national stage in recent years, with projects that are clearly hitting the mark among the nearly 200 judges from across the country. Article content Article content 'From appealing home designs and functionality, both for new homes and renovations, to livable communities, residents of Alberta have a lot of great choices when it comes to their housing,' she said. Article content Jayman, 2025 Building Industry and Land Development (BILD) Calgary Region large volume Builder of the Year, kicked off its successful awards evening by winning Best Short Video for The Streams of Lake Mahogany – Estate Living. Then, moving on to the New Home awards, Jayman received two Best New Low-Rise Home awards for the Benjam Villa (less than 1,500 square feet) and The Streams of Mahogany Brook model (1,500 to 1,800 sq. ft.) in Edmonton and Calgary, respectively. The builder's third New Home award was for Best Detached Production Home 2,401 to 2,800 sq. ft. for the Bentley 24, a model it launched in 2024. Article content Article content Toggle full screen modePrevious Gallery Image Next Gallery ImageToggle gallery captions View All 7 Photos 1 of 7 Article content Jayman ended the evening with another coveted Design Excellence Award, which is presented to the Canadian builder member with the most points. It's the fourth year in a row that Jayman, led by chairman and CEO Jay Westman, has received the nation's top CHBA prize either shared or alone. In 2024, Douglas Homes of Calgary split the spotlight with Jayman. Article content 'Winning the Design Excellence Award four years running is certainly a first for the competition, and a huge accomplishment. Clearly, their homes have national appeal among industry peers and are excelling in the areas of exterior and interior design, innovation, the functionality of their floor plans, and special features, which are the criteria the judges evaluate for all new homes,' Rombough said. Article content The Renovation Excellence Award went to Vicky's Homes, an Edmonton company founded more than 20 years ago by Vicky Kujundzic. Vicky's scored high in by winning four out of the 12 awards in the renovation category, all for the same home. Their Mid-Century Modern project nabbed Best Kitchen Renovation over $100,000, Best Exterior Renovation, Best Single Room Renovation and Best Whole Home Renovation over $800,000. Vicky's was also presented a marketing award for this mega makeover, winning Best Interior Decorating (Model/Showhome). With more than 6,000 sq. ft. of living space, this renovation recently picked up three local awards at the BILD Edmonton Metro Awards of Excellence.
