Mullen Group announced it has entered into a letter of intent (LOI) to acquire Richmond, British Columbia based ContainerWorld Forwarding Services and its operating subsidiaries. The LOI contemplates standard due diligence and the execution of a purchase and sale agreement, both of which have been initiated. The transaction is scheduled to close in the second quarter of 2024, subject to regulatory approval and final closing conditions.
ContainerWorld is a Canadian logistics company that offers integrated supply chain solutions to the alcoholic beverage and hospitality industries. Through a network of customs and sufferance bonded warehouses, ContainerWorld provides: inventory management, freight forwarding, warehousing, and distribution services to international and domestic customers in the provinces of British Columbia and Ontario.
"The addition of ContainerWorld demonstrates our continued strategic focus of diversifying service offerings into verticals and markets that we consider as great long-term opportunities. Globally, alcoholic beverages is a trillion-dollar industry and here in Canada, it is a multi-billion dollar industry that is expected to grow as the Canadian population grows. ContainerWorld 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 fifty percent of Canada's population, and will add over one million square feet of warehousing space to Mullen Group," said Murray K. Mullen, Chair and Senior Executive Officer.