Canadian logistics company Mullen Group has signed a Letter of Intent (LOI) to acquire Container World in a deal which is set to be finalised in Q2 2024.
The LOI covers Mullen Group’s due diligence and the carrying out of a purchase agreement.
The deal, which is set to generate a yearly revenue of $150m according to Mullen, will mean Container World will operate within Mullen Group’s logistics and warehousing segment.
Murray K. Mullen, Chair and Senior Executive Officer emphasised how the acquisition will boost the company’s operations across Canada.
Mullen said: “Container World is a leading integrated logistics provider to international and domestic wine, beer and spirits producers that are looking for a safe and reliable customs bonded service provider in Canada.
“This acquisition further expands our operations in the provinces of British Columbia and Ontario, home to 50% of Canada’s population, and will add over one million square feet of warehousing space to Mullen Group”.
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Container World is a Canadian logistics company specialising in the alcoholic beverage and hospitality industry, which as stated by Mullen is a “multi-billion-dollar company here in Canada”.
The company provides inventory management, freight forwarding, warehousing, and distribution services to both international and local customers in British Columbia and Ontario.
As stated by Mullen, Container World was founded by Dennis Chrismas who is set to continue in his current role, overseeing “the business as we transition Container World from a private company to being part of a large public company”.
The Mullen Group are expected to fund the transaction through its current credit lines.