Mullen Group eyes 10% growth, approves ’25 capital budget
Mullen Group is eyeing 10% growth in 2025 and has approved a capital budget to help it achieve that target.
The company’s plan includes achieving revenue of $2.2 billion, and will be fueled by a $100-million capital investment into its existing business units. It will also allocate $150 million toward acquisitions.
“Establishing growth targets for 2025 assumes we find acquisitions that fit into our current network, which based upon our long history of completing successful acquisitions should not be difficult along with the fact that we will enter the new year with a strong balance sheet, cash of around $125 million and untapped bank lines of $525 million. We also will need to see the Canadian economy continue to expand, even if the growth is modest,” Murray Mullen, chairman and senior executive officer, said in a release.
The company’s priorities in 2025 will be: to prioritize margin over market share; invest in new equipment and real estate, including $5 million to go toward sustainability initiatives; to pursue acquisitions, whether they be tuck-in or strategic; and to invest in technology.
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