Mullen Group Ltd. Announces Acquisition of Willson International

OKOTOKS, Alberta, Oct. 19, 2026 (GLOBE NEWSWIRE) — (TSX: MTL) Mullen Group Ltd. (“Mullen Group“, “We“, “Our” and/or the “Corporation“), one of North America’s largest logistics providers, is pleased to announce that it has entered into definitive share purchase agreements to acquire Willson International Limited and its related entities (collectively, “Willson“), a leading provider of customs brokerage and trade compliance services in Canada and the United States. 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.

About Willson International Limited

Willson International Limited is a leading North American customs brokerage and trade compliance company with operations in both Canada and the United States, helping importers and exporters navigate customs clearance, regulatory requirements, and cross-border trade. The company provides customs brokerage, customs clearance, compliance documentation and related trade advisory services that are essential to the efficient movement of goods across international borders.

Additional information is available on the company website – www.willsonintl.com

About Mullen Group Ltd.

Mullen Group is a public company with a long history of acquiring companies in the transportation and logistics industries. Today, we have one of the largest portfolios of logistics companies in North America, providing a wide range of transportation, customs brokerage, warehousing, and distribution services through a network of independently operated businesses. Service offerings include less-than-truckload, truckload, warehousing, logistics, transload, oversized, third-party logistics, customs brokerage, and specialized hauling transportation. In addition, our businesses provide a diverse set of specialized services related to the energy, mining, forestry and construction industries in western Canada, including water management, fluid hauling and environmental reclamation. The corporate office provides the capital and financial expertise, legal support, technology and systems support, shared services and strategic planning to its independent businesses.

Mullen Group is listed on the Toronto Stock Exchange under the symbol “MTL“. Additional information is available on our website at www.mullen-group.com or on the Corporation’s issuer profile on SEDAR+ at www.sedarplus.ca.

Contact Information

Mr. Murray Mullen – Chair and Senior Executive Officer
Mr. Richard Maloney – President and Senior Operating Officer
Mr. Carson Urlacher – Senior Financial Officer
Ms. Joanna Scott – Senior Corporate Officer
Mr. Lee Hellyer – Senior Commercial Officer

121A – 31 Southridge Drive
Okotoks, Alberta, Canada T1S 2N3
Telephone: 403-995-5200
Fax: 403-995-5296

Forward-Looking Information
Mullen Group may make statements in this news release that reflect its current beliefs and assumptions and are based information currently available to it and contains forward-looking statements and forward-looking information (collectively, “forward-looking statements”) within the meaning of applicable securities laws. This news release may contain forward-looking statements that are subject to risk factors associated with the overall economy and the oil and natural gas business. These forward-looking statements relate to future events and Mullen Group’s future performance. All forward looking statements and information contained herein that are not clearly historical in nature constitute forward-looking statements, and the words “may”, “will”, “should”, “could”, “expect”, “plan”, “intend”, “anticipate”, “believe”, “estimate”, “propose”, “predict”, “potential”, “continue”, “aim”, or the negative of these terms or other comparable terminology are generally intended to identify forward-looking statements. Such forward-looking statements represent Mullen Group’s internal projections, estimates, expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. These forward-looking statements involve known or unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Mullen Group believes that the expectations reflected in these forward-looking statements are reasonable; however, undue reliance should not be placed on these forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. In particular, forward-looking statements include but are not limited to the following: (i) that Willson is expected to generate annualized revenues of approximately $80.0 million and operating margins generally consistent with those generated by Mullen Group’s Logistics and Warehousing segment; (ii) that 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; (iv) the acquisition of Willson is expected to generate positive free cash flow with limited ongoing capital requirements, other than continued investment in technology; (v) that the acquisition will be funded from Mullen Group’s existing cash resources; and (vi) that the transaction is expected to close in the fourth quarter. These forward-looking statements are based on certain assumptions and analysis made by Mullen Group in light of our experience and our perception of historical trends, current conditions, expected future developments and other factors we believe are appropriate under the circumstances. These assumptions include but are not limited to the following: (i) that Mullen Group will be able to execute on the transition of Willson from a private company to being part of a public company; (ii) that Mullen Group will be able to retain Willson customers and carry on business in the normal course; (iii) that synergies with other business units will exist and that Mullen Group will be able to realize upon them; (iv) that Willson will be able to generate free cash and require minimal capital expenditures; (v) that Mullen Group will be presented with opportunities for growth in North America; (vi) that Willson will complement the services currently provided by Cole International and strengthen Mullen Group’s customs brokerage and logistics capabilities across Canada and the U.S.; (vii) that Mullen Group will have the cash at the time of closing to fund this transaction; and (viii) that all deliverables and conditions will be met to enable the closing of the transaction in the fourth quarter of 2026. The forward-looking statements contained in this news release is expressly qualified by this cautionary statement. The forward-looking statements contained herein is made as of the date of this news release and Mullen Group disclaims any intent or obligation to update publicly any such forward-looking statements, whether as a result of new information, future events or results or otherwise, other than as required by applicable Canadian securities laws. Mullen Group relies on litigation protection for forward-looking statements.