Business
Mullen Group Ltd. Announces Agreement to Acquire International Warehousing & Distribution Inc.
Mullen Group Ltd. Announces Agreement to Acquire International Warehousing & Distribu...
About this update from Mullen Group Ltd.
[{"type":"text","content":"MullenGroupAcqsIWD\n \n \n \n Mullen Group Ltd. Announces Agreement to Acquire International Warehousing & Distribution Inc.\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n Mullen Group Ltd. Announces Agreement to Acquire International Warehousing & Distribution Inc.\n \n \n Canada NewsWire\n \n \n OKOTOKS, AB, Oct. 2, 2020\n \n \n \n \n \n OKOTOKS, AB\n \n ,\n \n Oct. 2, 2020\n \n /CNW/ - (TSX: MTL) Mullen Group Ltd. (\"\n \n Mullen Group\n \n \", \"\n \n We\n \n \", \"\n \n Our\n \n \" and/or the \"\n \n Corporation\n \n \") is pleased to announce that it has entered into a definitive agreement in which Mullen Group will acquire International Warehousing & Distribution Inc. (\"\n \n IWD\n \n \"). IWD is based in\n \n Mississauga, Ontario\n \n and provides customs sufferance warehousing services, air import/export deliveries along with full container deliveries in the\n \n Greater Toronto Area\n \n (\"\n \n GTA\n \n \"). 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.\n \n \n \"\n \n 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\n \n Canada\n \n 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\n \n Canada\n \n , IWD will undoubtably serve as a platform for future growth. I am pleased to advise that\n \n Steve Cox\n \n , 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,\"\n \n said Mr.\n \n Murray K. Mullen\n \n , Chai...