#Canada #H.I.G. Capital #Toronto #4Refuel #Mobile Refueling

H.I.G. Capital Completes Acquisition of 4Refuel

H.I.G. Capital, a prominent global alternative investment firm managing approximately $70 billion in capital, has announced its recent acquisition of 4Refuel, a leader in Mobile On-Site Refueling (MOR) services. The acquisition, finalized on July 1, 2025, involves a transaction valued at up to CAD 400 million and was made from Finning International Inc.

Founded in 1995 and headquartered near Toronto, Ontario, 4Refuel has established itself as a key player in the MOR industry, expanding its footprint across Canada and into Texas. The company's offerings are diverse, catering to more than 3,000 clients in various sectors, including rail, transportation, consumer goods, and infrastructure. Notably, 4Refuel specializes in solutions ranging from direct-to-equipment refueling to diesel exhaust fluid delivery and tank monitoring services.

One of the most impressive aspects of 4Refuel’s operations is its capacity to deliver close to one billion liters of fuel annually through a vast network equipped with specialized facilities and vehicles. This level of service is bolstered by a strong commitment to safety, technology, and customer satisfaction, which has fostered a loyal client base.

Matt Kever, Managing Director at H.I.G. Capital, highlighted the strategic importance of this acquisition, stating, "4Refuel is a scaled, differentiated, technology-enabled platform operating in a mission-critical segment of the energy value chain. We are excited to partner with Larry and the 4Refuel team to accelerate growth through organic initiatives and strategic acquisitions, while continuing to deliver outstanding service and value to its customers."

Larry Rodo, the CEO of 4Refuel, expressed enthusiasm about the partnership, noting H.I.G.’s profound understanding of the sector and their successful strategies for value creation. He stated, "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."

As a leading provider in the MOR sector, 4Refuel remains committed to excellence in service delivery, further enhancing its offerings under the auspices of H.I.G. Capital's operational support. This acquisition is expected to not only bolster 4Refuel's resources but also extend its market reach, enhancing its overall competitive edge.

For legal representation during this transaction, H.I.G. Capital engaged Blake, Cassels & Graydon LLP and McDermott Will Emery LLP, ensuring that the acquisition process adhered to all regulatory and legal standards.

To summarize, this acquisition marks a significant milestone for H.I.G. Capital as it continues to grow its portfolio of investments in critical infrastructure and services. As H.I.G. specializes in both debt and equity investments, the addition of 4Refuel strengthens its position within the energy sector, paving the way for potential future growth and innovation.

For more information about 4Refuel and its services, visit their official site at 4Refuel.com.

For more about H.I.G. Capital's extensive investment strategies and portfolio, visit H.I.G. Website.