H.I.G. Capital, a global alternative investment firm, has announced one of its affiliates has acquired the Canada-based 4Refuel from Finning International.
The total purchase price of the transaction is about $400 million. Finning announced the acquisition in May.
“4Refuel is a scaled, differentiated, technology-enabled platform operating in a mission-critical segment of the energy value chain,” said Matt Kever, Managing Director at H.I.G.
“We are excited to partner with (CEO Larry Rodo) and the 4Refuel team to accelerate growth through organic initiatives and strategic acquisitions, while continuing to deliver outstanding service and value to its customers.”
Founded in 1995 and headquartered near Toronto, 4Refuel pioneered mobile on-site refuelling. The company has built a large market presence across Canada and has a growing presence in Texas. 4Refuel serves more than 3,000 customers across a diverse range of sectors, providing fuel, diesel exhaust fluid and tank monitoring services.
Each year, 4Refuel delivers about 1 billion liters of fuel annually, through an expansive network of facilities and specialized vehicles.
“H.I.G. brings deep sector expertise and a proven playbook for value creation. We’re excited to continue our mission of delivering best-in-class refueling services, while pursuing new opportunities to serve our customers across Canada and the U.S. We are grateful to our incredible team, who have built 4Refuel into the trusted brand it is today,” Rodo said.
Finning International, the world’s largest Caterpillar dealer, acquired 100 per cent of 4Refuel Canada and 4Refuel US in 2018. In May, Finning also completed its sale of Compression Technology Corporation (ComTech) to a third party.
“We are pleased to have completed the sale of 4Refuel and ComTech and wish the teams continued growth and success in the future,” said Kevin Parkes, President and CEO of Finning International.
“These transactions represent another important step in executing our strategy to simplify our business and focus on our core dealership operations, unlocking invested capital and increasing pro-forma return on invested capital.”
