Mullen Group Completes Acquisition of Two Companies
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Mullen Group has closed acquisitions on two transportation businesses, the Okotoks, Alberta, company announced June 24.
Tri Point Intermodal Services and APPS Transport Group, both based in Mississauga, Ontario, will give Mullen a presence in the Toronto market.
Established in 2005, Tri Point provides container drayage services. It will operate within Mullen Group’s logistics and warehousing segment, and is expected to generate annualized revenue of approximately $10 million. The company will continue to operate as a stand-alone business and will be led by founder Michael Lamanna.
Mullen
“Today’s announcement is another very important milestone for our organization,” Mullen CEO Murray Mullen said in a statement. “We have been very clear with our shareholders as it relates to our strategy of building one of Canada’s most comprehensive transportation and logistics networks.”
APPS Transport Group and its subsidiaries — APPS Cartage and APPS Cargo Terminals — also were acquired. APPS, founded in 1985, offers less-than-truckload along with truckload, intermodal and some warehousing services. It has five locations that extend into western Canada.
“After a long process of engagement with the regulatory authorities, I am delighted that we have closed the acquisition of APPS, one of Canada’s largest independently owned and operated transport companies,” Mullen said. “APPS will be an excellent fit in our organization expanding the service offering to shippers and consumers throughout and across Canada.”
APPS will operate within Mullen Group’s less-than-truckload segment. The company is expected to generate annualized revenue of approximately $90 million and operating income before depreciation and amortization margins consistent with the LTL segment.
“But the real opportunity for Mullen Group shareholders is the synergies that can be achieved across our entire network,” Mullen said. “Collaboration is the key to finding the synergies and with Rob McDonald, founder of APPS, at the helm of APPS, I have no doubt these will be realized upon. Rob will continue to lead an experienced senior management team and quality workforce, driving growth and innovation.”
Tri Point operates within the greater Toronto area and southern Ontario through a combination of company trucks, owner-operators and a fleet of approximately 190 chassis trailers. Tri Point also provides container storage in the Vaughan, Ontario, region.
“Two acquisitions, both what I refer to as great companies, that will add annual revenues of over $100 million to the Mullen Group,” Mullen said. “We are expanding our service coverage just as the economy is poised to recover from the mandated business closures related to the COVID-19 health crisis. But we cannot provide service without a dedicated and engaged workforce, which is an important part of the acquisition of both APPS and Tri Point. Welcome all to our growing network.”
Mullen Group ranks No. 60 on the Transport Topics Top 100 list of the largest for-hire carriers in North America.
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