Canadian trucking and logistics firm Mullen Group Ltd. (OTC:MLLGF) has acquired Pacific Coast Express Limited, a cross-border less-than-truckload (LTL) carrier based near Vancouver, British Columbia.
Alberta-based Mullen purchased the outstanding 60% of shares in Pacific Coast Express (PCX) in a transaction that closed on Monday. Mullen bought a minority stake in PCX in 2018.
The acquisition of PCX adds CA$25 million (US$19 million) in annual revenue to Mullen Group and strengthens the company's Canadian LTL network.
"This investment reinforces our strategic rationale of making long-term investments into businesses that support the consumer part of the economy, namely less-than-truckload, final mile delivery and logistics," Mullen Group CEO Murray Mullen said in a statement.
Mullen's LTL business has proved relatively resilient during the COVID-19 pandemic. LTL revenue fell by 9.3% during the second quarter versus 19% companwide compared to the same period in 2019.
PCX primarily provides Canada-U.S. LTL service. It also does full-truckload and services domestic Canadian freight.
The carrier also has a partnership with U.S. carrier Estes Express. It has 120 personnel, a mix of employees and owner-operators.
Mullen Group is one of Canada's largest trucking and logistics companies, with subsidiaries across Western Canada and Ontario.
Mullen competitor TFI International announced on Friday that it will acquire Canadian LTL carrier APPS Transport.