Mullen Group Ltd. is pleased to announce that it has entered into definitive share purchase agreements to acquire Willson International Limited and its related entities. The transaction is expected to close in the fourth quarter.

Founded more than 100 years ago, Willson is an established, trusted and highly regarded brand in the customs brokerage industry. Employing over 330 employees throughout Canada and the U.S., the majority of whom are customs-certified professionals, Willson provides industry leading customs and logistics services to a diverse group of North American and international customers through a suite of proprietary technology solutions. This acquisition adds another long-standing business to Mullen Group's growing customs brokerage platform, complementing the services currently provided by Cole International.

"Willson is an exceptional business with a proud history, an experienced team and a brand that has earned the trust of its customers for more than a century. Businesses with this kind of reputation, history and expertise are very difficult to replicate. We are delighted that Peter Willson has entrusted Mullen Group with carrying the Willson name and legacy forward," commented Murray K. Mullen, Chair and Senior Executive Officer of Mullen Group.

"We are pleased to welcome the Willson team to Mullen Group. Willson's customs brokerage expertise, customer relationships and cross-border capabilities are an excellent strategic fit with our organization. Maintaining the company's existing leadership and standalone operating model will help preserve the qualities that have made Willson successful while providing access to the resources and financial strength of Mullen Group," added Mr. Mullen.

Willson will continue to operate as a standalone business within Mullen Group. Canadian operations will be accounted for within our Logistics & Warehousing ("L&W") segment and US operations will be accounted for within our US & International ("US3PL") segment. The existing senior management team, led by Jim McKinnon, will remain responsible for overseeing Willson's operations and serving its customers.

Strategic rationale

Willson is expected to contribute approximately $80.0 million in annual revenue, with operating margins generally consistent with those generated by Mullen Group's L&W segment. The business has limited ongoing capital requirements, other than continued investment in technology and is expected to generate positive free cash flow.

Willson’s customs service offerings:

Integral to the supply chain – customs brokerage and compliance services are required to move goods efficiently across land, air and water ports of entry.

Demand persists through trade cycles – customs requirements remain essential regardless of trade volumes or economic cycles, supporting consistent demand for accurate documentation, reporting and compliance expertise.

Expands Mullen Group’s service network – Willson strengthens Mullen Group’s customs brokerage and logistics capabilities across Canada and the U.S.

Strong leadership and platform for continued success – Willson will operate as a standalone Business Unit, leveraging its extensive professionally certified customs personnel, leadership teams and industry recognized technology platforms.

"This acquisition is another example of how we deploy capital on behalf of our shareholders. We are investing in an established, cash-generating business operating in a specialized and essential part of the supply chain. We look forward to supporting Willson's customers, business associates and management team as the company enters its next chapter," said Mr. Richard Maloney, President & Senior Operating Officer.

The acquisition will be funded from Mullen Group's existing cash resources.

EY Parthenon Corporate Finance Inc. acted as exclusive financial advisor to Willson. EY LLP acted as tax advisor to Willson.