TriWest Capital Partners to sell Gardewine to Mullen Group for $172 mln

Mullen Group Ltd (TSX: MTL) has agreed to buy Gardewine Group LP for $172 million. The deal, which is expected to close in early 2015, will provide an exit to Canadian mid-market private equity firm TriWest Capital Partners, which invested in the Winnipeg-based Gardewine in partnership with management in November 2008. Founded in 1952, the company provides regional less-than-truckload, truckload and specialized truckload services primarily in Manitoba and Ontario. Mullen, an Okotoks, Alberta-based owner of a network of independently operating businesses, said the purchase will increase trucking and logistics' share of its total revenue from 40 percent to around 50 percent in 2015.

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