OKOTOKS, Alta. – Mullen Group has reached an agreement to acquire Mississauga, Ont.-based International Warehousing & Distribution (IWD).
The company provides Customs sufferance warehousing, air import/export deliveries, and full container deliveries within the Greater Toronto Area. Its contractors provide pickup-and-delivery services.
Mullen announced the deal should close in the fourth quarter.
“The acquisition of IWD aligns with our strategy of investing into businesses that support the consumer part of the economy. More importantly, this acquisition demonstrates our focus on building out our logistics and warehousing network in the largest metropolitan area in Canada where over seven million consumers live, namely the GTA,” said Murray Mullen, chairman and CEO of Mullen Group.
“This is the type of acquisition that adds value to shareholders. Currently it is not large in terms of revenue, however, as we expand our presence in eastern Canada, IWD will undoubtably serve as a platform for future growth.”
Steve Cox, a founder and owner of IWD, will remain on during the transition period.
“Steve knows this business better than anyone and I look forward to working with him and the entire IWD team,” Mullen said.