Mullen Group Ltd. Announces Acquisition of R.S. Harris Transport Ltd.
OKOTOKS, AB, July 2, 2021 /PRNewswire/ - (TSX: MTL) Mullen Group Ltd. ("Mullen Group", "We", "Our" and/or the "Corporation") is pleased to announce that it has acquired Winnipeg, Manitoba, based R.S. Harris Transport Ltd. ("Harris"). A definitive share purchase agreement was signed, and the acquisition closed on July 1, 2021.
"This acquisition reinforces what we have articulated to shareholders for some time – we will always invest in opportunities that strengthen our existing Business Units. Harris has an established name in the Canadian trucking industry with a solid reputation for customer service as well as being a formidable competitor. Today I am pleased to announce that we have acquired another good Canadian company. Over the next few months, we will work with the customers and employees to transition the business of Harris into the Gardewine Group of Companies, the best way to realize synergies," commented Mr. Murray K. Mullen, Chairman and Chief Executive Officer.
Harris is an industry leading trucking and brokerage company specializing in open deck transportation, with more than 35 years of experience serving customers throughout North America in the steel, agriculture equipment, industrial, construction, rail products, and energy industries. Harris operates a fleet of 50 company tractors, approximately 165 trailers and generates in excess of $25.0 million in annualized revenue.
"This strategic acquisition allows the Gardewine Group to compliment multiple offerings within our group, including multimodal transload. We are excited to bring Harris under our umbrella, allowing customers and employees next level experience. Congratulations to Kyle Harris and his team on their successes over the years," said Mr. Darin Downey, President and Chief Operating Officer of Gardewine Group Limited Partnership.
Harris will operate within our Gardewine Group of Companies.
About Mullen Group Ltd.
Mullen Group is one of Canada's largest logistics providers. Our network of independently operated businesses provide 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.
Contact Information
Mr. Murray K. Mullen - Chairman of the Board, Chief Executive Officer and President
Mr. P. Stephen Clark - Chief Financial Officer
Mr. Richard J. Maloney - Senior Vice President
Ms. Joanna K. Scott - Corporate Secretary & Vice President, Corporate Services
121A - 31 Southridge Drive
Okotoks, Alberta, Canada T1S 2N3
Telephone: 403-995-5200
Fax: 403-995-5296
Disclaimer
This news release contains forward-looking information within the meaning of applicable securities legislation relating to the acquisition of Harris. Forward-looking information in this news release is identified by the words "will", "anticipates" and "expects" and includes suggestions of future outcomes, including about the future expansion of our business in eastern Canada; synergies that may be achieved across our network; annualized revenue and operating income before depreciation and amortization that may be realized by us from the acquisition of Harris; and the importance of transportation services within 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 risks and uncertainties that could cause our actual results to differ materially from the forward looking information contained in this news release include, but are not limited to: risks associated with the trucking/logistics business; risks applicable to the overall economy; business and consumer trends and demand for goods and services; our ability to integrate and realize synergies from Harris; and risks relating to current and future adverse impacts of the novel coronavirus pandemic. Additional risks and uncertainties applicable to our business may be obtained in our annual management discussion and analysis for the fiscal year ended December 31, 2020 and our annual information form for the year ended December 31, 2020, both of which are filed on our profile at www.sedar.com.
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 expressed or implied.
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.
SOURCE Mullen Group Ltd.
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