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Quad/Graphics, Inc. (NYSE: QUAD) (“Quad” or the “Company”) today announced that it has sold its QuadExpress third-party logistics (3PL) business for $40 million to Mullen Group Ltd. (TSX: MTL) (“Mullen Group”), one of Canada’s largest logistics providers. QuadExpress joins Mullen Group’s network of independently operated businesses that provide a broad range of service offerings including less-than-truckload, truckload, warehousing, logistics, transload, oversized and specialized hauling transportation.
The divestiture supports Quad’s established strategy to optimize its product and service portfolio and invest in those parts of its business that accelerate its position as a marketing solutions partner and create more value for its clients and other stakeholders. Quad continues to own and operate its in-house transportation and logistics division, Quad Transportation Services, and its trucking division, Duplainville Transport.
The transaction closed on June 30, 2021. Quad will use proceeds from the sale to continue to pay down debt and improve its debt leverage ratio as part of a continuing focus on returning to its preferred long-term targeted leverage range of 2-2.5x.
“We continue to evaluate our collection of assets with a focus on long-term value creation and strategic fit,” said Joel Quadracci, Chairman, President and CEO of Quad. “As a marketing solutions partner, we are committed to providing the greatest value to brands and marketers, which we do through our unique integrated marketing solutions offering that reduces complexity, increases efficiencies and improves marketing spend effectiveness across all media channels. We are pleased to find a great buyer for our 3PL business. We know QuadExpress will benefit from being part of Mullen Group, which is a like-focused company dedicated to superior logistics services. We will benefit, too, through an ongoing relationship with QuadExpress, which will serve as a preferred broker for our dedicated in-house transportation and logistics division.”
Quad acquired QuadExpress (formerly QWExpress) in July 2010 as part of the Worldcolor acquisition. In subsequent years, Quad made significant, strategic investments in the business, including creating a proprietary Transportation Management System (TMS) called SilverExpress that streamlines its clients’ ability to request quotes, generate orders, track shipments, conduct reporting and more.
Mesirow Financial’s Investment Banking Group served as the exclusive financial advisor to Quad on this transaction, and Reinhart Boerner Van Deuren S.C. served as legal advisor to Quad.