Mullen Group Ltd. has reached an agreement to acquire Hi-Way 9 Express of Drumheller and related companies.
According to Heather Colberg, vice president of administration for Hi-Way 9 Express, only the ownership will change. Heather, Dean and Darryl Kohut will still be involved in the day-to- day operation of the company. She said there is good synergy between the two companies.
Hi-Way 9 Express is a family-owned business that has been in operation in Drumheller since 1969. It is recognized as a leader in Alberta in the less than truckload (LTL) transportation business.
“We are extremely pleased to add Hi-Way 9 to our growing business and are very confident they will work closely with our Grimshaw Trucking group to significantly enhance our LTL business and service to customers in Alberta. Having been in business for over 40 years, Hi-Way 9 has built an exceptional reputation for providing outstanding service to their customers,” said Stephen H. Lockwood, President and Co-Chief Executive Officer of Mullen Group.
According to the release, the investment is expected to add approximately $50 million to Mullen Group’s consolidated revenues and generate operating margins consistent with the other businesses in Mullen Group’s Trucking/Logistics segment.
Subject to typical conditions of a deal of this nature, the transaction is expected to close June 1.
