Mullen Group

What Mullen Group does

Mullen Group Ltd. (TSX: MTL) is a publicly-traded Canadian logistics conglomerate headquartered in Okotoks, Alberta, operating 30+ independently managed subsidiaries organized into four segments: Less-Than-Truckload (LTL), Logistics & Warehousing, Specialized & Industrial Services, and U.S. & International Logistics. The LTL segment operates the largest final mile network in western Canada and Ontario, delivering over 3.0 million shipments annually to 5,500 communities via 5,000+ customers, anchored by subsidiaries such as APPS Cargo Terminals, Gardewine, Grimshaw Trucking, Hi-Way 9, and Jay's Transportation. The Logistics & Warehousing segment provides full truckload, specialized trucking, customs brokerage, freight forwarding, warehousing, transload, and intermodal services through subsidiaries including Mullen Trucking, DWS Logistics, ContainerWorld, Tenold Transportation, and Cole International, supported by proprietary platforms (Moveitonline, SilverExpress, PipeOnLine, Xpress Inventory, West Direct TMS). The Specialized & Industrial segment serves western Canada's energy, mining, forestry, and construction sectors with water management, fluid hauling, environmental reclamation, pipeline construction, and industrial cleaning through entities like Cascade Energy, Canadian Dewatering, Premay, E-Can Oilfield, and Cordova Oilfield Services. The U.S. & International Logistics segment, built around HAUListic LLC and Cole International USA, provides cross-border 3PL and customs brokerage to 2,700+ customers using 6,000+ certified subcontractor carriers.

The business model is acquisition-led: since its 1993 IPO on the TSX, the company has completed over 89 acquisitions, growing annual revenue from $72.6 million to $2.1 billion in 2025. Each subsidiary operates as a self-managed business unit with P&L accountability, while the corporate office provides capital allocation, financial oversight, legal, IT shared services (acting as an Applications Service Provider via the IT Shared Services Program), HR, and strategic planning. Revenue is generated primarily through managed-services contracts (per-shipment/per-service billing) and transaction-fee 3PL arrangements, with pricing quoted on a customized basis by subsidiary rather than via public rate cards. Long-term contracts and recurring monthly/quarterly volume agreements with enterprise customers across energy, mining, retail, consumer products, healthcare, and cross-border trade underpin predictable cash generation, which funds a continuous monthly dividend (currently $0.07/share) that has delivered C$1.63 billion cumulatively to shareholders as of March 2026.

Name

Mullen Group

Legal name

Mullen Group Ltd.

Website

https://mullen-group.com

Company type

Public

Founded year

1949

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

Mullen Group Ltd. is a publicly-traded Canadian logistics conglomerate operating 30+ subsidiaries across LTL final mile, warehousing, specialized oilfield/industrial services, and U.S.–Mexico cross-border 3PL, serving thousands of enterprise and mid-market customers across North America.

Ownership category

akta.pro rank

Product category

Transportation and Logistics Services

NAICS

Truck Transportation (484), General Freight Trucking (4841), Specialized Freight Trucking (4842), General Freight Trucking, Long-Distance (48412)

SIC

Trucking & Courier Services (No Air) (4210), Arrangement Of Transportation Of Freight & Cargo (4731), Public Warehousing & Storage (4220), Trucking (No Local) (4213)

akta.pro primary industry

National/Regional LTL General Freight Carriers (TLADAEAA)

akta.pro secondary industry

Industrial Manufacturing & Heavy Industry (TLAIALAK)

Keywords

• Transportation logistics services
• Less-than-truckload shipping
• Specialized oilfield hauling
• Warehousing distribution services
• Customs brokerage freight forwarding

Headquarters

HQ city

Okotoks

HQ country

Canada

HQ region

North America

Offices20 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Supply Chain, Infrastructure, Technology or R&D, Marketing or Sales

Revenue model

1. Transportation services revenue: Service-based revenue generated from less-than-truckload, truckload, third-party logistics, customs brokerage, specialized hauling, warehousing, transload and oversized transportation services. Customers are billed per shipment / per service. This is the primary revenue stream across all four operating segments.
2. Specialized & Industrial Services revenue: Service-based revenue from water management, fluid hauling, environmental reclamation, pipeline construction, civil construction, industrial cleaning/turnarounds, drilling rig moves, OCTG storage and handling, and other specialized services to the energy, mining, forestry and construction industries in western Canada.
3. Customs brokerage and 3PL services revenue: Fee/transaction-based revenue from customs brokerage, freight forwarding and third-party logistics services provided by Cole International and HAUListic. Includes asset-light, non-asset-based value-added transport services to over 2,700 customers in the U.S. and Mexico utilizing over 6,000 certified subcontractor carriers.
4. Warehousing and distribution services revenue: Recurring storage, distribution, order fulfillment, cross-docking and transloading revenue (e.g., DWS Logistics in Mississauga with ~335,000 sq ft, IWD with ~42,500 sq ft). Some customers pay on a per-pallet or per-square-foot basis.

Pricing tiers

Go-to-market motion2 records

Distribution channels6 records

Marketing channels7 records

Core offering

Mullen Group Ltd. operates as a diversified Canadian logistics and transportation holding company through four operating segments — Less-Than-Truckload (LTL), Logistics & Warehousing, Specialized & Industrial Services, and U.S. & International Logistics — delivered via 30+ independently managed business units. Services span LTL final mile delivery, truckload, third-party logistics, customs brokerage, freight forwarding, warehousing, transload, oversized hauling, and specialized industrial services (water management, fluid hauling, environmental reclamation, pipeline construction, civil construction) for energy, mining, forestry and construction customers primarily across Canada and the United States.

Product overview

Mullen Group Ltd. is a publicly-traded Canadian logistics company (TSX: MTL) that operates a portfolio of independently managed business units organized into four core service segments: Less-Than-Truckload (LTL), Logistics & Warehousing, Specialized & Industrial Services, and U.S. & International Logistics. The LTL segment operates the largest final mile network in western Canada and Ontario, anchored by subsidiaries such as APPS Cargo Terminals, APPS Cartage, Gardewine, Grimshaw Trucking, Hi-Way 9 Express, Jay's Transportation, Number 8 Freight, Pacific Coast Express (PCX), Pacific Northwest Moving (PNW), West Direct Express Courier, and Willy's Trucking. The Logistics & Warehousing segment includes Abco International Freight, Bandstra Transportation Systems, Caneda Transport, Cascade Carriers, Cole International, ContainerWorld Forwarding Services, DWS Logistics, International Warehousing & Distribution (IWD), Kleysen Group, Mullen Trucking, Payne Transportation, Tenold Transportation, and Tri Point Intermodal Services, supported by proprietary platforms like Moveitonline and Haulistic. The Specialized & Industrial Services segment serves western Canada's energy, mining, forestry, and construction sectors through subsidiaries including Cascade Energy Services, E-Can Oilfield Services, Heavy Crude Hauling, Spearing Service, Babine Truck & Equipment, Canadian Dewatering, Premay Equipment, Premay Pipeline Hauling, Smook Contractors, B. & R. Eckel's Transport, Butler Ridge Energy Services, Cordova Oilfield Services, Envolve Energy Services, Formula Powell, Lac La Biche Transport, Mullen Oilfield Services, and Thrive Management Group, and leverages proprietary systems like PipeOnLine and Xpress Inventory. The U.S. & International Logistics segment consists of HAUListic LLC (with the SilverExpress platform) and Cole International USA Inc., serving customers in the United States and Mexico with customs brokerage and 3PL services.

Differentiator

Problem solved

Functional benefit

Brands

• Mullen Oilfield Services: Specialized oilfield transportation services and OCTG inventory management for oil and gas industry in western Canada (subsidiary).
• SilverExpress
• PipeOnLine
• Xpress Inventory
• Moveitonline
• Haulistic
• On the Road to Quality
• Best-In-Class

Products and services

• Less-Than-Truckload (LTL) Segment Final mile less-than-truckload transportation services across western Canada and Ontario (with extensions into the U.S.) including ambient, temperature-controlled, pharmaceutical and package delivery through 11+ subsidiaries.
• Logistics & Warehousing Segment Integrated transportation, logistics and warehousing solutions across North America — full truckload, specialized trucking, customs brokerage, freight forwarding, intermodal, transload, cross-docking, dry bulk and 3PL — delivered through 13+ subsidiaries.
• Specialized & Industrial Services Segment Specialized industrial and oilfield services in western Canada including water management, fluid hauling, environmental reclamation, pipeline construction, civil construction, drilling rig moves, OCTG handling, dewatering and produced water disposal.
• U.S. & International Logistics Segment Cross-border customs brokerage, freight forwarding, trade consulting and asset-light 3PL services in the U.S. and Mexico, delivered by HAUListic LLC and Cole International USA Inc.
• APPS Cargo Terminals Inc. Daily overnight LTL service between BC and Alberta corridors, plus truckload and bonded transload/warehousing from a Delta, BC facility.
• APPS Cartage Inc. (APPS Transport Group) Truckload, intermodal and warehousing services across Ontario with cross-Canada freight movement capability.
• Argus Carriers Ltd. Local pick-up and delivery, warehousing, regional LTL, dedicated and linehaul trucking in British Columbia with cross-border service to the U.S. Pacific Northwest.
• Gardewine Group Limited Partnership Seven-division multi-service transportation provider (LTL, dedicated, deck, bulk, logistics, warehousing, moving & storage) operating 34 terminals from BC to Quebec.
• Grimshaw Trucking L.P. Regional general merchandise carrier providing essential transportation services to over 300 northern communities in Alberta, NWT and BC.
• Hi-Way 9 Express Ltd. Overnight and same-day LTL services plus distribution, cartage, warehousing and flat deck solutions across the Alberta-BC-Saskatchewan corridor.
• Jay's Transportation Group Ltd. Regional scheduled LTL, ambient, dry van and moving services in Saskatchewan.
• Number 8 Freight Ltd. Same-day courier and freight delivery services across the Lower Mainland of British Columbia.
• Pacific Coast Express Limited (PCX) Expedited LTL and truckload cross-border services between western Canada, the western U.S. and Mexico for regular, high-value and hazardous cargo.
• Pacific Northwest Moving (Yukon) Limited (PNW Group) LTL, temperature-controlled, dry van, deck and last mile delivery plus small moving and storage services in Yukon and northern Alberta.
• West Direct Express Courier Local, national and international courier and small package delivery in Calgary with proprietary algorithmic dispatch technology.
• Willy's Trucking Service Regional scheduled LTL, general freight and logistics across northern Alberta and northeastern British Columbia.
• Abco International Freight Inc. Freight forwarding specializing in logistics solutions for global cargo transportation.
• Bandstra Transportation Systems Ltd. Transportation and logistics services to communities in the greater Vancouver Area and northern British Columbia.
• Caneda Transport Ltd. Cross-border LTL and truckload transportation, 3PL services, cross-docking and temperature-controlled freight in Canada and the U.S.
• Cascade Carriers L.P. Dry bulk transportation for the construction and oil and gas industries in western Canada.
• Cole International Inc. Customs brokerage, freight forwarding and trade consulting services across Canada and the United States.
• ContainerWorld Forwarding Services Inc. Integrated supply chain solutions for the alcoholic beverage and hospitality industries including bonded warehousing, freight forwarding and distribution.
• DWS Logistics Inc. 3PL value-added warehousing, distribution, order fulfillment, cross-docking and transloading in the Greater Toronto Area.
• International Warehousing & Distribution Inc. (IWD) Customs sufferance warehousing, air import/export deliveries and LCL/FCL deliveries in the Greater Toronto Area.
• Kleysen Group Ltd. Diversified transportation and logistics services across dry bulk, deck, intermodal, transload, inventory management and storage in western Canada.
• Mullen Trucking Corp. Heavy haul, dedicated fleet, van services, logistics, cross border mixed load and truckload services across Canada and the continental U.S.
• Payne Transportation Ltd. Owner-operator transportation services with customs bonded clearing for agriculture, construction, mining and oil and gas.
• Tenold Transportation Ltd. Multimodal transportation, warehousing, container de-stuffing and same-day healthcare delivery throughout North America.
• Tri Point Intermodal Services Inc. Ocean container drayage, temperature-controlled transport, container storage and dangerous goods handling in southern Ontario.
• Cascade Energy Services L.P. Specialized trucking and industrial cleaning services for the energy, utility and construction industries in western Canada.
• E-Can Oilfield Services L.P. Oilfield services for the heavy oil industry in northern and central Alberta.
• Heavy Crude Hauling L.P. Transportation of crude oil, produced water and other fluids for the heavy oil industry in Alberta and Saskatchewan.
• Canadian Dewatering L.P. Fluid management, dewatering, pump rentals and environmental/emergency response services in western Canada and the Northwest Territories.
• Premay Equipment L.P. Specialized oversize and overweight transportation of modules, vessels, equipment and machinery across western Canada.
• Premay Pipeline Hauling L.P. Pipeline hauling and stringing services for oil and gas transmission pipeline construction in Canada.
• Smook Contractors Ltd. Multi-disciplined civil construction contractor serving customers throughout northern Manitoba.
• B. & R. Eckel's Transport Ltd. LTL, full truckload and general oilfield hauling across northeastern Alberta.
• Cordova Oilfield Services Ltd. OCTG storage, handling, transportation and fluid management services in British Columbia.
• Envolve Energy Services Corp. Produced water handling, processing and disposal services for oil and natural gas companies.
• Formula Powell L.P. Trucking, drilling mud warehousing and drilling fluid storage services for the western Canadian oil and gas industry.
• Lac La Biche Transport Ltd. Oilfield rig relocation, oilfield equipment transport and tubular warehousing services across Alberta.
• Mullen Oilfield Services L.P. Specialized oilfield transportation and OCTG inventory management for the western Canadian oil and gas industry.
• Thrive Management Group Ltd. Automated water transfer and fluid management solutions for Canada's oil and gas industry.
• HAUListic LLC Non-asset-based 3PL services with 6,000+ certified subcontractor carriers across the United States and Mexico.
• Cole International USA Inc. (Cole USA) Customs brokerage and trade consulting services across U.S. air, sea and land border ports of entry.

Quantifiable outcome

• Annual revenue grew from $72.6 million in 1993 to $2.1 billion in 2025
• +9 more outcomes

Named customers6 records

Segments5 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration2 records

AI capability2 records

Feature6 records

Partnerships

Six partnerships are on record, tiered minor and core.

• Inuvialuit Development CorporationminorStrategic or Co-development Partner · 1 January 2000In 2000, in a series of initiatives between 2000 and 2002, Mullen moved to the forefront of logistics-driven transportation services across Canada and into the Far North. In combination with Inuvialuit Development Corporation and Northern Transportation Company, Mullen began providing a total transportation solution to the natural resources industry in the far north.
• Northern Transportation CompanyminorStrategic or Co-development Partner · 1 January 2000In combination with Inuvialuit Development Corporation and Northern Transportation Company, Mullen began providing a total transportation solution to the natural resources industry in the far north.
• Southern Alberta Institute of Technology (SAIT)coreStrategic or Co-development PartnerMullen Group has partnered with SAIT to provide a 160-hour Business Management Certificate Program to its people. The courses are designed to elevate leadership skills. The company also partners with a post-secondary training institution to deliver this program. The program has produced 683 graduates to date.
• Red Deer College Truck Driver TrainingminorStrategic or Co-development PartnerFor Mullen Group's Trucking/Logistics Services companies, graduates of the Red Deer College Truck Driver Training are strongly considered for employment.
• PricewaterhouseCoopers LLPcoreOthersPricewaterhouseCoopers LLP serves as the external auditor for Mullen Group. The relationship covers audit of financial statements and related assurance services.
• Computershare Trust Company of CanadacoreOthersComputershare Trust Company of Canada serves as Mullen Group's Transfer Agent and Registrar, located in Toronto, Ontario. Tel: 1-800-564-6253; www.investorcentre.com.

Scale indicators13 records

Recent moves7 records

Expansion highlights4 records

Direct peers

• TFI International: Montreal-based trucking and logistics operator with truckload, LTL, logistics, and dedicated capacity across North America. The closest Canadian peer to Mullen, competing in LTL, cross-border, and specialized freight with a similarly acquisition-driven model.
• Day & Ross Transportation Group: New Brunswick-based LTL and truckload carrier owned by McCain Foods, operating final-mile and overnight LTL across Canada. Directly comparable to Mullen's LTL segment (5,500 communities, 3.0M+ shipments) and the closest direct LTL competitor in eastern Canada.
• J.B. Hunt Transport Services: U.S. asset-based truckload, dedicated, intermodal, and ICS brokerage provider. Comparable to Mullen in the mix of asset-based trucking plus asset-light 3PL, and a benchmark for cross-mode North American logistics execution.
• Manitoulin Transport: Ontario-headquartered LTL, truckload, and logistics provider with cross-border U.S. service and warehousing. Directly comparable to Mullen's APPS, DWS, and Kleysen LTL/warehousing footprint in central Canada.
• Knight-Swift Transportation Holdings: Largest U.S. truckload carrier with growing LTL (USX), logistics, and intermodal segments. Comparable to Mullen as a diversified, acquisition-led truckload + LTL + logistics platform, though at materially larger U.S. scale.
• C.H. Robinson Worldwide: Global non-asset-based 3PL providing freight brokerage, managed transportation, customs, and supply chain services. Comparable to Mullen via HAUListic and Cole International's 3PL and customs brokerage offerings.
• ArcBest Corporation: U.S.-based LTL carrier (ABF Freight) plus asset-light 3PL/logistics segment. Directly comparable to Mullen's combination of asset-based LTL with managed transportation and logistics, and similar mid-cap North American profile.

Broad incumbents

• XPO Inc. Pure-play U.S. LTL operator post-RXO spin-off. Comparable to Mullen's LTL segment as a network LTL franchise, though exclusively U.S. and without Mullen's energy, warehousing, or 3PL mix.
• Old Dominion Freight Line: U.S. LTL leader with industry-leading margins and a density-driven terminal model. Relevant benchmark for Mullen's LTL final-mile economics in western Canada, though far larger and operating exclusively in the U.S.

Emerging players

• Titanium Transportation Group: Canadian trucking, logistics, and freight forwarding company focused on cross-border and specialized freight. Smaller and more emerging than Mullen, but overlapping in truckload, LTL, and 3PL across Ontario and the U.S. Northeast.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/MullenGroupLtd
• YouTubeyoutube.com/watch?v=jQxGrH8fWmw
• LinkedInca.linkedin.com/company/mullen-group-ltd
• Instagraminstagram.com/mullen_group_ltd

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries46 records

Funding overview

Funding rounds2 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A12 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Mullen Group