Dive Brief:
- Mullen Group plans to acquire the Cole Group, a privately owned logistics services company, adding to Mullen’s portfolio of independently managed business units, according to an April 14 press release.
- The transaction — which is expected to close this quarter — brings more than 700 employees and 43 locations across the U.S. and Canada to the Canada-based company’s logistics network. Terms of the deal were not disclosed.
- “Not only is the Cole Group an industry leader in customs brokerage and trade consulting, which happens to be one of the most talked about issues of the day, they have a sizeable 3PL freight service offering, a service that aligns very closely with our U.S. & International Logistics segment,” said Murray Mullen, chair and senior executive officer of Mullen Group, in the release.
Dive Insight:
Mullen Group has a long history of acquisitions within the logistics and transportation industries, as a means to grow its service offerings.
Last year, Mullen purchased Pacific Northwest Moving, a less-than-truckload carrier, and ContainerWorld Forwarding Services, a logistics service provider to the alcohol industry of Western Canada.
Cole Group includes subsidiaries Cole International – with customs brokerage, freight and trade consulting department – and Abco International Freight, a freight forwarding company. In recent years, Cole International has worked to expand its presence in the U.S., opening new branches in Buffalo, New York; Columbia, South Carolina; Detroit; Port Huron, Michigan; Seattle, and, most recently, Houston.
The acquisition will align with Mullen Group’s U.S. and international logistics segment, which currently has one business unit: Haulistic, a Chicago-based third-party logistics provider. The public company acquired QuadExpress in 2021 and rebranded it as Haulistic that same year.
“When I first met the owner of Cole Group, Mr. Don Lucky, it was evident that our companies shared in a very similar set of values — integrity, people focused and customer service as the centerpiece of the company,” Mullen said in the release, adding that Cole Group will continue to be overseen by its existing leadership team.
Mullen Group plans to fund the Cole Group acquisition with existing cash and credit facilities, the release states. According to its Q4 earnings report, Mullen Group had working capital of $281.5 million, including $126.3 million in cash, as of Dec. 31.
