Latest news with #MurrayK.Mullen
Hamilton Spectator
30-05-2025
- Business
- Hamilton Spectator
Mullen Group Ltd. Closes Acquisition of Cole Group of Companies
OKOTOKS, Alberta, May 30, 2025 (GLOBE NEWSWIRE) — (TSX: MTL) Mullen Group Ltd. ('Mullen Group', 'We', 'Our' and/or the 'Corporation') is pleased to announce the closing of the acquisition of Cole Group Inc., Cole International Inc., Abco International Freight Inc. and all related entities (collectively the 'Cole Group') effective June 1, 2025. Founded in the 1920s, the Cole Group is an industry leading full spectrum logistics services company specializing in customs brokerage, freight forwarding and trade consulting, operating throughout Canada and the U.S. with a long standing proven track record of success. Cole Group operates from 43 locations, which includes strategically situated offices at various air and seaports of entry and land border crossings. Employing over 700 employees, the Cole Group provides industry leading customs and logistics services to a diverse group of North American and international customers through a suite of proprietary technology solutions. Financial Overview Cole Group is expected to generate annualized revenues of approximately $300.0 million and operating income before depreciation and amortization ('OIBDA') of $20.0 million. Cole Group operates a non-asset based business and has minimal capital expenditure requirements. Mullen Group acquired the Cole Group for $190.0 million of cash consideration subject to a purchase price adjustment including receiving $29.0 million of required working capital. Mullen Group will also be acquiring approximately $10.0 million of real estate consisting mainly of office space, which is included in the $190.0 million of cash consideration. Strategic Rationale About Mullen Group Ltd. Mullen Group is a public company with a long history of acquiring companies in the transportation and logistics industries. Today, we have one of the largest portfolios of logistics companies in North America, providing a wide range of transportation, warehousing and distribution services through a network of independently operated businesses. Service offerings include less-than-truckload, truckload, warehousing, logistics, transload, oversized, third-party logistics and specialized hauling transportation. In addition, our businesses 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 listed on the Toronto Stock Exchange under the symbol 'MTL'. Additional information is available on our website at or on the Corporation's issuer profile on SEDAR+ at . Contact Information Mr. Murray K. Mullen - Chair, Senior Executive Officer and President Mr. Richard J. Maloney - Senior Operating Officer Mr. Carson P. Urlacher - Senior Financial Officer Ms. Joanna K. Scott - Senior Corporate Officer 121A - 31 Southridge Drive Okotoks, Alberta, Canada T1S 2N3 Telephone: 403-995-5200 Fax: 403-995-5296 Disclaimer Mullen Group may make statements in this news release that reflect its current beliefs and assumptions and are based on information currently available to it and contains forward-looking statements and forward-looking information (collectively, 'forward-looking statements') within the meaning of applicable securities laws. This news release may contain forward-looking statements that are subject to risk factors associated with the overall economy and the oil and natural gas business. These forward-looking statements relate to future events and Mullen Group's future performance. All forward looking statements and information contained herein that are not clearly historical in nature constitute forward-looking statements, and the words 'may', 'will', 'should', 'could', 'expect', 'plan', 'intend', 'anticipate', 'believe', 'estimate', 'propose', 'predict', 'potential', 'continue', 'aim', or the negative of these terms or other comparable terminology are generally intended to identify forward-looking statements. Such forward-looking statements represent Mullen Group's internal projections, estimates, expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. These forward-looking statements involve known or unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Mullen Group believes that the expectations reflected in these forward-looking statements are reasonable; however, undue reliance should not be placed on these forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. In particular, forward-looking statements include but are not limited to the following: (i) that Cole Group is expected to generate annualized revenues of approximately $300.0 million and OIBDA of $20.0 million; (ii) the acquisition of Cole Group provides for meaningful synergies through cross-selling opportunities within our US 3PL segment and other divisions within the Mullen Group; (iii) the acquisition of Cole Group will be immediately accretive by generating free cash flow with minimal capital expenditure requirements; and (iv) the acquisition of Cole Group establishes a robust platform for future U.S. and international growth. These forward-looking statements are based on certain assumptions and analysis made by Mullen Group in light of our experience and our perception of historical trends, current conditions, expected future developments and other factors we believe are appropriate under the circumstances. These assumptions include but are not limited to the following: (i) that Mullen Group will be able to execute on the transition of Cole Group from a private company to being part of a public company; (ii) that Mullen Group will be able to retain Cole Group customers and carry on business in the normal course; (iii) that synergies with other business units will exist and that Mullen Group will be able to realize upon them; (iv) that Cole Group will be able to generate free cash and require minimal capital expenditures thereby being immediately accretive; (v) that Mullen Group will be presented with opportunities for growth in the United States and internationally; and (vi) that Mullen Group will generate sufficient cash to capitalize on any growth opportunities presented. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements 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 statements, 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.
Hamilton Spectator
07-05-2025
- Business
- Hamilton Spectator
Mullen Group Ltd. Announces Election of Directors
OKOTOKS, Alberta, May 07, 2025 (GLOBE NEWSWIRE) — (TSX: MTL) Mullen Group Ltd. ('Mullen Group', 'We', 'Our' and/or the 'Corporation') announced today the results of the vote on election of directors at the annual meeting of shareholders of the Corporation held on May 6, 2025. The vote was conducted by ballot and the detailed results are as follows: About Mullen Group Ltd. Mullen Group is a public company with a long history of acquiring companies in the transportation and logistics industries. Today, we have one of the largest portfolios of logistics companies in North America, providing a wide range of transportation, warehousing and distribution services through a network of independently operated businesses. Service offerings include less-than-truckload, truckload, warehousing, logistics, transload, oversized, third-party logistics and specialized hauling transportation. In addition, our businesses 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 listed on the Toronto Stock Exchange under the symbol 'MTL'. Additional information is available on our website at or on the Corporation's issuer profile on SEDAR+ at . Contact Information Mr. Murray K. Mullen - Chair, Senior Executive Officer and President Mr. Richard J. Maloney - Senior Operating Officer Mr. Carson P. Urlacher - Senior Financial Officer Ms. Joanna K. Scott - Senior Corporate Officer 121A - 31 Southridge Drive Okotoks, Alberta, Canada T1S 2N3 Telephone: 403-995-5200 Fax: 403-995-5296
Hamilton Spectator
29-04-2025
- Business
- Hamilton Spectator
Mullen Group Ltd. Announces Details for Virtual Annual Meeting
OKOTOKS, Alberta, April 29, 2025 (GLOBE NEWSWIRE) — (TSX: MTL) Mullen Group Ltd. ('Mullen Group', 'We', 'Our' and/or the 'Corporation') announced that it will be hosting its Annual Meeting ('Meeting') on May 6, 2025 at 3:00pm MDT. The Corporation will be conducting a virtual-only Meeting, which can be accessed via live webcast at: . Registered shareholders and duly appointed proxyholders will be able to attend, participate and vote at the meeting in real time. Non-registered shareholders (being shareholders who hold their shares through a broker, investment dealer, bank, trust company, custodian, nominees or other intermediary) who have not duly appointed themselves as proxyholder will be able to attend the meeting as guests but will not be able to vote at the meeting or ask questions. Shareholders are encouraged to vote prior to the meeting using one of the methods described in the Management Information Circular (the 'Circular'), the form of proxy or other materials provided by an intermediary. If you are a non-registered holder and wish to attend and participate in the Meeting, you should carefully follow the instructions set out on your voting information form and in the Circular relating to the Meeting, in order to appoint and register yourself as proxy, otherwise you will be required to login to the webcast as a guest. Additional information on the Meeting, including the business to be covered, can be found in the Circular and the other Meeting materials as filed on and on the Corporation's website at . Page vi of the Circular outlines the specific information necessary to participate in our virtual meeting. About Mullen Group Ltd. Mullen Group is a public company with a long history of acquiring companies in the transportation and logistics industries. Today, we have one of the largest portfolios of logistics companies in North America, providing a wide range of transportation, warehousing and distribution services through a network of independently operated businesses. Service offerings include less-than-truckload, truckload, warehousing, logistics, transload, oversized, third-party logistics and specialized hauling transportation. In addition, our businesses 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 listed on the Toronto Stock Exchange under the symbol ' MTL '. Additional information is available on our website at or on the Corporation's issuer profile on SEDAR+ at . Contact Information Mr. Murray K. Mullen - Chair, Senior Executive Officer and President Mr. Richard J. Maloney - Senior Operating Officer Mr. Carson P. Urlacher - Senior Financial Officer Ms. Joanna K. Scott - Senior Corporate Officer 121A - 31 Southridge Drive Okotoks, Alberta, Canada T1S 2N3 Telephone: 403-995-5200 Fax: 403-995-5296
