Mullen Group’s purchase of Gardewine closes
OKOTOKS, AB – The Mullen Group’s purchase of Manitoba-based Gardewine Group Limited Partnership has closed.
The all-cash transaction deal, worth $172 million, was first announced in late November 2014.
At the time, Mullen executives said they expected the purchase to contribute more than $225-million in annual revenue and about $25-million in annual operating income. Mullen’s trucking and logistics segment is expected to grow from 40 to 50 percent of overall company revenue with the acquisition.
Gardewine, founded in 1952, provides both regional less-than-truckload, truckload and specialized truckload services primarily in Manitoba and Ontario and is one of the largest privately owned transportation carriers in Canada. It will operate as an indirectly, wholly-owned subsidiary of Mullen Group.
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