On April 14, 2025, Mullen Group Ltd. (TSX: MTL) announced it had entered into a definitive share purchase agreement to acquire Cole Group Inc., Cole International Inc., Abco International Freight Inc., and related entities. The transaction, valued at $190 million in cash consideration, closed effective June 1, 2025, following regulatory approvals. Mullen Group acquired the Cole Group for $190.0 million of cash consideration subject to a purchase price adjustment including receiving $29.0 million of required working capital. Mullen Group will also be acquiring approximately $10.0 million of real estate consisting mainly of office space, which is included in the $190.0 million of cash consideration.

Founded in the 1920s, Cole Group is a leading, privately-owned logistics services provider with expertise in customs brokerage, freight forwarding, and trade consulting. It operates from 43 strategically located offices across Canada and the U.S., employing over 700 staff. The company offers proprietary technology solutions and aligns closely with Mullen Group’s U.S. & International Logistics segment.

Cole Group is expected to generate $300 million in annualized revenue and $20 million in OIBDA. Post-acquisition, it will maintain its leadership and operational autonomy, preserving its customer-focused culture. Mullen Group highlighted strong operational synergies, enhanced service offerings, and minimal capital expenditure needs, positioning the acquisition as immediately accretive and foundational for long-term growth in international logistics markets.