ALDERSYDE, Alta. — A slew of acquisitions has aided the Mullen Group Income Fund in recording a second quarter record with consolidated revenues of $200.0 million and record operating income of $34.5 million.
During the past 16 months Mullen has completed a number of transactions including the January 2006 acquisition of Pe Ben Oilfield Services; the June 1 acquisition of Producers Oilfield Services and its three business units; the May 1, 2005 acquisition of Tenold Transportation; the June 14, 2005 acquisition of Payne Transportation; and the Feb. 28 acquisition of C. Steen Trucking.
“Our overall operating performance in the second quarter was very satisfying especially in light of the time spent by senior management on acquisitions and other corporate matters. This performance provides us with strong evidence that the businesses we have acquired are quality companies and that our business model is working effectively,” commented Stephen Lockwood, president and Co-CEO.
The fund’s revenue of $200.0 million for the three-month period ended June 30, was an increase of $85.8 million or 75% over the same period in 2005. This increase was primarily attributable to the revenue generated by the 12 new businesses added to the Mullen Group since April 2005.
“Although we saw some internal growth in most of all our traditional businesses, the majority of our growth in revenue was attributable to our acquisitions,” noted Lockwood. “We continue to believe that the business and economic climate is right for market consolidation and therefore we intend to continue focusing our efforts on our strategy of growth through acquisition and, of course, we remain committed to growing our existing businesses which is reflected in our aggressive capital expenditure program.”
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