Business
Mullen Group Ltd. Closes Acquisition of Cole Group of Companies
OKOTOKS, Alberta, May 30, 2025 (GLOBE NEWSWIRE) -- (TSX: MTL) Mullen Group Ltd. (" Mullen Group...
About this update from Mullen Group Ltd.
[{"type":"text","content":"Mullen Group Ltd. Closes Acquisition of Cole Group of Companies\n\n\n\n OKOTOKS, Alberta, May 30, 2025 (GLOBE NEWSWIRE) -- (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 the closing of the acquisition of Cole Group Inc., Cole International Inc., Abco International Freight Inc. and all related entities (collectively the \"\n \n Cole Group\n \n \") effective June 1, 2025.\n \n\n 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.\n \n\n\n Financial Overview\n \n\n\n Cole Group is expected to generate annualized revenues of approximately $300.0 million and operating income before depreciation and amortization (\"\n \n OIBDA\n \n \") 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.\n \n\n\n Strategic Rationale\n \n\n\n\n\n Alignment with Mullen Group's Acquisition Strategy:\n \n The acquisition of Cole Group aligns with our strategy to expand our non-asset based logistics and entire mile service offerings, thereby providing our customers with enhanced choice and flexibility.\n \n\n\n\n Synergies Across Business Units:\n \n The acquisition of Cole Group provides for meaningful synergies through cross-selling opportunities within our U.S. & International Logistics segment (\"\n \n US\n \n\n 3PL segment\n \n \") and ...