Mullen closes acquisition of crude hauler

CALGARY — After a short hiatus from fleet-buying, the Mullen Group Income Fund announced the closing of its acquisition of R.E. Line Trucking and David Tuffs Holdings (collectively, “R.E. Line”), private companies based in Coleville, Sask.

R.E. Line is a 50 year-old hauler of crude oil, as well as produced water and other fluids. It operates a fleet of approximately 53 power units and employs approximately 85 people.

David Tuffs, the president of R.E. Line, and his two key operations’ people — Richard Pateman and James Fenton — have all agreed to remain with the carrier to oversee its operations.

“We are very pleased to add R.E. Line’s fluid transportation capabilities to our growing fluid business. It has a strong market presence in Coleville — an area known to have excellent growth potential. R.E. Line has built an exceptional reputation for providing outstanding service to its customers, which makes it a very good fit into the Mullen business model,” stated Stephen H. Lockwood, president and co-CEO.

Lockwood expects R.E. Line to expand on its prior year revenue of $20 million.

“This acquisition reaffirms our strategic plan of expanding our fluid transportation business in what we believe are growth markets and we will continue to utilize our strong balance sheet to pursue further accretive acquisitions as they arise,” he said.

While drilling in Alberta have slowed a bit in the last year, northern Saskatchewan oilsand fields are booming.