Mullen expects about $80 million in annual revenue from Willson acquisition

Key Facts

Mullen Group announced on October 19 that it had signed definitive agreements to acquire Willson International and related entities, saying the deal is expected to add about $80 million to annual revenue. The group said the closing was expected during the fourth quarter of 2026. The company did not disclose a purchase price in its available announcement. Chairman and Chief Executive Murray K. Mullen said Willson’s customs brokerage expertise, customer relationships and cross-border capabilities represent an "excellent strategic fit" for the group. The deal will expand Mullen’s cross-border trade services in Canada and the United States.

Willson operates in customs brokerage and trade compliance, with more than 330 employees in Canada and the United States, most of them certified customs specialists. Mullen said the company will continue operating as an independent unit within the group, with its senior management team, led by Jim McKinnon, remaining responsible for its operations and customer service. The Canadian operations will be included in Mullen’s logistics and warehousing segment. The U.S. operations will be reported in its U.S. and international logistics segment. Under this arrangement, the group will keep Willson’s management in place while allocating its results across two segments according to the location of its activities.

Mullen estimated that Willson would add about $80 million in annual revenue and said operating margins would generally be consistent with those of its logistics and warehousing segment. It said the acquisition would be funded from existing cash resources. It also expects Willson to generate positive free cash flow, with limited ongoing capital requirements apart from continued investment in technology. The company did not disclose the deal value in its available statement, so the announcement does not include a specified purchase price. This puts expected revenue, cash funding and free cash flow generation at the forefront of the financial rationale provided by the group.

Mullen says Willson will complement the services currently provided by Cole International, broadening customs brokerage services within the group. The acquisition announcement came after Mullen reported quarterly revenue of $653.2 million in the third quarter of 2026, up 16.3% from the same period a year earlier. Revenue in the logistics and warehousing segment rose to $236.2 million from $208.1 million, a year-over-year increase of 13.5%. Mullen said the group delivered record results despite negative headlines related to trade issues, regional conflicts and higher energy costs. He added that these factors "do not typically build confidence among consumers or businesses."

In its quarterly results statement, Mullen said progress on nation-building projects in Canada could create logistics needs that its companies can meet. It also pointed to its expectation that acquisition opportunities would emerge during the rest of 2026. The Willson acquisition would add customs brokerage operations and cross-border customer relationships to the group’s portfolio alongside its existing logistics operations. The company had identified the fourth quarter of 2026 as the expected closing date when it announced the definitive agreements. The available facts contain no update confirming that the deal has closed or specifying its final terms.