Mullen Group buys B&R Eckel’s
Mullen Group has purchased B&R Eckel’s Transport, bolstering its LTL presence in Northern Alberta and adding about 400 trucks and 950 trailers.
The Bonnyville, Alta.-based company offers LTL, truckload, and general oilfield hauling in Northeastern Alberta.
“When the Ringuette family approached us about a possible acquisition I knew this was a meeting I had to take,” Mullen Group senior executive officer Murray Mullen said in a release.
“B&R has been a key player in the LTL and energy services space for many years in Northeastern Alberta. After a few meetings, it became clear that B&R was the right fit for Mullen Group and we were able to negotiate terms that worked for us and the Ringuette family, including having the family stay on following closing for a period of time to ensure a smooth transition.”
B&R operates 16 facilities, generating revenues of about $85 million. Mullen Group released record Q1 earnings last week and on a call with analysts said it would seek out synergistic acquisitions.
“The acquisition of B&R is a great example of Mullen Group’s precision-based acquisition strategy and we think our timing is good,” said Richard Maloney, senior operating officer, following the acquisition. “First off, we have seen commodity prices increase and hold in a range that has attracted capital to Northeastern Alberta, including applications by big energy players looking to extend their production in the Cold Lake region along with newly sanctioned projects – all of which require transportation and logistics services. Secondly, B&R’s diverse service offerings compliment Mullen Group’s operating segments, very well. Very importantly, B&R’s commitment to their people and the communities they work in, align with Mullen Group’s values.”
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Nice complimentary acquisition