Home Truck News Mullen Group signs LOI to acquire ContainerWorld - Truck News

Mullen Group signs LOI to acquire ContainerWorld – Truck News

Mullen Group has announced its intent to purchase Richmond, B.C.-based ContainerWorld Forwarding Services.

Mullen has signed a letter of intent and has initiated due diligence to purchase the company, which it expects to occur in the second quarter. ContainerWorld serves the supply chain needs of the alcoholic beverage and hospitality industries.

ContainerWorld warehouse
(Image: ContainerWorld)

Its services include: warehousing; inventory management; freight forwarding; and distribution to customers in B.C. and Ontario.

“The addition of ContainerWorld demonstrates our continued strategic focus of diversifying service offerings into verticals and markets that we consider as great long-term opportunities,” Murray Mullen, senior executive officer and chairman of Mullen Group said in a release.

“Globally, alcoholic beverages is a trillion-dollar industry and here in Canada, it is a multi-billion dollar industry that is expected to grow as the Canadian population grows. ContainerWorld is a leading integrated logistics provider to international and domestic wine, beer and spirits producers that are looking for a safe and reliable customs bonded service provider in Canada. This acquisition further expands our operations in the provinces of British Columbia and Ontario, home to 50% of Canada’s population, and will add over 1 million square feet of warehousing space to Mullen Group.”

The company will operate within Mullen’s logistics and warehousing segment and will contribute annual revenue of around $150 million. Founder Dennis Chrismas will remain on and oversee the business as it is integrated with Mullen Group.

“We are delighted to have ContainerWorld join our expanding logistics network. It is an excellent company with a long history, traits we consider important to our investment strategy,” added Mullen.

Credit: Source link


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