MLLGF - Quad gains on divesting QuadExpress 3PL logistics business to Mullen group for $40M

To optimize product and service portfolio, Quad/Graphics (QUAD) +4.5% premarket, has sold its QuadExpress third-party logistics (3PL) business to Mullen Group (MLLGF) for $40M on a cash free, debt free basis.The transaction closed today. The transaction closed on June 30, 2021.Quad will use the proceeds 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. “ 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

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Quad gains on divesting QuadExpress 3PL logistics business to Mullen group for $40M