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Mullen Group has acquired the remaining shares of Pacific Coast Express Ltd., the company announced Sept. 1.
PCX in Surrey, British Columbia, provides expedited handling of international less-than-truckload and truckload shipments. Okotoks, Alberta-based Mullen Group previously owned 40% of PCX.
“We have made a number of equity investments in well-run private companies over the years,” Mullen Group CEO Murray Mullen said in a statement. “The strategic rationale of these investments is knowing that at some point in the future these well-run companies would become part of Mullen Group.
PCX provides services throughout western Canada, the western U.S. and Mexico. Mullen Group first made an equity investment in the company in 2018. The move was part of a strategy of investing in companies that provide less-than-truckload, logistics and warehousing services.
“This investment reinforces our strategic rationale of making long-term investments into businesses that support the consumer part of the economy,” Mullen said. “Namely, less-than-truckload, final-mile delivery and logistics.”
PCX’s operating results will be included in Mullen Group’s less-than-truckload segment. It is expected that the company will add about $25 million of annualized revenue. Mullen Group also acquired two PCX operating facilities.
“I would like to take this opportunity to welcome PCX’s 120 employees and contract owner-operators to the Mullen Group,” Mullen said. “I know that PCX’s operating performance will be strengthened.”
Mullen Group ranks No. 54 on the Transport Topics Top 100 list of the largest for-hire carriers in North America. — Transport Topics
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