The Mullen Group Income Fund has announced the closing of three recent acquisitions, the largest of which involves Spearing Service Ltd., a private company based in Oxbow, Saskatchewan. Spearing’s business involves the hauling of crude oil, produced water and other fluids associated with the production of crude oil. It owns and operates a fleet of about 60 units from its terminals in Oxbow and Carlyle, Saskatchewan and Pipestone, Manitoba.
“Spearing is an outstanding company that strengthens our position in the fluid-hauling business in western Canada,” says Stephen H. Lockwood, president and co-chief executive officer of Aldersyde, Alberta-based Mullen. “I am also very pleased that the two principles of Spearing, Don Spearing and Trevor Spearing, have both agreed to remain with the company to oversee its ongoing operations.”
The Fund’s second acquisition involves Burnell Contractors Ltd., a Calgary-based company involved in providing specialized transportation services to the energy, pipeline, petrochemical and construction industries. “The acquisition of Burnell comes at a time when we are seeing a strong demand for specialized heavy-haul transportation in western Canada and is very complimentary to our Premay Equipment and Mullen Trucking operations,” Lockwood says. “We are also very pleased that Alan Burnell has agreed to remain with the company to oversee its ongoing operations and that Howard Burnell has agreed to consult with the Fund in matters involving the heavy-haul business.”
The final acquisition involves C. Steen Trucking Ltd., a flat-deck carrier based in Edmonton, Alberta. C. Steen will continue to operate from its Edmonton facility as a division of Payne Transportation. “The acquisition of C. Steen capitalizes on the opportunities we see in trucking and is consistent with our strategy of expanding our trucking segment,” Lockwood says.
Terms for the three acquisitions were not announced.