Mullen Group Ltd. announces acquisition of less-than-truckload carrier

Mullen Group Ltd. ("Mullen Group", "We", "Our" and/or the "Corporation") has announce that it has acquired Pacific Northwest Investments Inc. including its subsidiary Pacific Northwest Moving (Yukon) Limited ("PNW"). A definitive share purchase agreement was signed, and the acquisition closed on December 1, 2024.

PNW was established over 50 years ago and has a long history of servicing customers in the Yukon Territory and the Province of Alberta. Operating from two owned terminals in Whitehorse, YT and Edmonton, AB ("Owned Facilities"), PNW offers multiple less-than-truckload ("LTL") solutions to its customer base including temperature controlled, dry van and deck as well as local "last mile" delivery services in both Whitehorse and Dawson City, YT. PNW also has a small moving and storage division. As part of the acquisition of PNW, Mullen Group acquired the Owned Facilities, further expanding our real estate network into Northern Alberta and the Yukon Territory.

"This acquisition is important to our organization from a strategic perspective as we continue to invest in regional LTL opportunities. Acquiring regional carriers with strong ties to the communities they serve is an important element of our business model. The founders and former owners of PNW have built a company that is respected by their customers and employees alike. I am delighted to add PNW to our organization and look forward to working with the PNW team," commented Mr. Murray K. Mullen, Chair and Senior Executive Officer.

PNW will operate within Mullen Group's LTL segment and is expected to generate revenues in excess of $25.0 million annually with returns consistent with other Business Units in this operating segment. The acquisition was funded from existing cash.