Mullen Transportation Inc. announced Thursday the signing of an agreement to acquire Tenold Transportation Inc., a private corporation based in the province of British Columbia.
Tenold is a value-added transportation services company primarily providing longhaul flatbed truckload and less-than-truckload services throughout Canada and the United States.
Tenold also provides logistics, warehousing and distribution, and other non-transportation services such as cable cutting and reel services to its customers in the wire and cable, telephone, hydro and construction industries. In addition, Tenold is one of the largest transporters of machinery, equipment, pipe and bulk materials in western Canada, operating a fleet of 125 owner-operated power units.
"We are pleased to add Tenold to our growing organization. They have been in business for over 36 years and operate one of the best trucking companies in western Canada, generating annual revenues in excess of $40 million, with operating margins consistent to that of other best-in-class trucking firms and, as such, we expect the transaction will be accretive to Mullen's earnings. This acquisition complements our existing trucking business and expands the markets we serve," commented Murray Mullen, chairman and co-chief executive officer.
The transaction is expected to close by the end of April 2005, subject to the completion of due diligence and other conditions normal for a transaction of this nature. Mullen will fund the purchase price from existing credit facilities.
Tenold is a value-added transportation services company primarily providing longhaul flatbed truckload and less-than-truckload services throughout Canada and the United States.
Tenold also provides logistics, warehousing and distribution, and other non-transportation services such as cable cutting and reel services to its customers in the wire and cable, telephone, hydro and construction industries. In addition, Tenold is one of the largest transporters of machinery, equipment, pipe and bulk materials in western Canada, operating a fleet of 125 owner-operated power units.
"We are pleased to add Tenold to our growing organization. They have been in business for over 36 years and operate one of the best trucking companies in western Canada, generating annual revenues in excess of $40 million, with operating margins consistent to that of other best-in-class trucking firms and, as such, we expect the transaction will be accretive to Mullen's earnings. This acquisition complements our existing trucking business and expands the markets we serve," commented Murray Mullen, chairman and co-chief executive officer.
The transaction is expected to close by the end of April 2005, subject to the completion of due diligence and other conditions normal for a transaction of this nature. Mullen will fund the purchase price from existing credit facilities.
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