Mullen Group has sold its Canadian Hydrovac business and a Surrey, B.C., terminal as it focuses on its LTL, warehousing and intermodal business growth.
“Earlier this year we identified a few assets that we viewed as non-core to our long-term strategy,” said Richard Maloney, senior operating officer with Mullen Group, upon selling Canadian Hydrovac to Environmental 360 Solutions.
“Today I am pleased to announce that the hydrovac assets have been acquired by a strategic buyer. E360S has a mission to expand in this dynamic and growing industry and is better positioned to take advantage of new opportunities. At Mullen Group, we are focused on building an end-to-end supply chain solution for shippers, expanding our less-than-truckload network in Canada, adding additional warehouse capacity to meet customers’ demands as well as building our intermodal capacity.”
Mullen also sold the Surrey terminal and 4.5 acres it sits on, which was home to Tenold Transportation. Tenold is being moved to a more “fit for purpose” facility in Abbotsford, B.C., the company announced.
The two divestures total about $50 million, which the company says enables it to pay off virtually all its bank debt by the end of this year.
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