04:04 PM EST, 12/02/2024 (MT Newswires) -- Mullen Group ( MLLGF ) said Monday it agreed to acquire Pacific Northwest Investments, including its subsidiary Pacific Northwest Moving, a less-than-truckload (LTL) carrier, for an undisclosed price.

The trucking and logistics company said the acquisition, which closed on Dec. 1, includes two owned terminals and is expected to generate annual revenues of over $25 million, with returns consistent with Mullen Group's ( MLLGF ) other business units, the company said.

The acquisition was funded from existing cash and will operate within Mullen Group's ( MLLGF ) LTL segment.

Pacific Northwest Moving has a 50-year history of servicing customers in the Yukon Territory and Alberta.

"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," said Senior Executive Officer Murray Mullen.

Mullen shares closed up $0.25 to $15.71 on the Toronto Stock Exchange.

Price: 15.70, Change: +0.24, Percent Change: +1.55