OKOTOKS, Alta. — Mullen Group has announced it has entered into an agreement to acquire Drumheller, Alta.-based LTL carrier Hi-Way 9 and its subsidiaries.
The deal includes Hi-Way 9 Express, Load-Way, Streamline Logistics and 1006213 Alberta Ltd.
Hi-Way 9 is a privately held, family-owned LTL carrier that’s been in business since 1969 and is a fixture on the Alberta trucking landscape.
“We are extremely pleased to add Hi-Way 9 to our growing business and are very confident that they will work closely with our Grimshaw Trucking group to significantly enhance our LTL business and service to customers in Alberta,” said Stephen Lockwood, president and co-CEO of Mullen Group. “Having been in business for over 40 years, Hi-Way 9 has built an exceptional reputation for providing outstanding service to their customers. We look forward to working with Hi-Way 9’s management team on enhancing the services offerings to Mullen Group’s existing customers and realizing on the potential synergies resulting from this acquisition.”
The Hi-Way 9 operation will continue to be managed by current president Dean Kohut, while Darrell Kohut will remain as vice-president, operations and Heather Colberg as vice-president, administration.
Mullen expects the acquisition to add about $50 million to its consolidated revenue with margins consistent with its other trucking companies. The cash and share transaction is expected to close June 1.
“This is a quality, best in class company with an established history, a strong management team and strong systems and as such we anticipated a quick and smooth transition,” Lockwood added.
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