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

MIAMI, July 1, 2025 /PRNewswire/ -- H.I.G. Capital ("H.I.G."), a leading global alternative investment firm with $70 billion of capital under management, is pleased to announce that one of its affiliates has completed the acquisition of 4Refuel ("4Refuel" or the "Company"), a market leader in Mobile On-Site Refueling (MOR) services, from Finning International Inc. (TSX: FTT). The total purchase price of the transaction is up to CAD 400 million.

Founded in 1995 and headquartered outside Toronto, Ontario, 4Refuel is led by an experienced management team that has built a leading platform across Canada, with a growing presence in Texas. Serving over 3,000 customers across a diverse range of sectors, 4Refuel provides mobile fueling solutions specializing in direct-to-equipment, on-site refueling, diesel exhaust fluid, and tank monitoring services. The Company delivers approximately one billion liters of fuel annually, through an expansive network of facilities and specialized vehicles. 4Refuel's commitment to exceptional service, safety, and technology has driven strong customer retention and satisfaction.

Matt Kever, Managing Director at H.I.G., said, "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, CEO of 4Refuel, added, "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."

Blake, Cassels & Graydon LLP and McDermott Will & Emery LLP served as legal counsel to H.I.G. Capital.

About 4Refuel

4Refuel is a leading Mobile On-Site Refueling (MOR) provider in Canada and Texas. Founded in 1995, 4Refuel pioneered the MOR industry in Canada and has built a growing service network across 27 locations. The Company delivers approximately one billion liters of fuel annually to over 3,000 customers across rail, transportation & logistics, consumer goods, infrastructure, building products, and other critical industries. Through its commitment to safety, customer service, and technology, 4Refuel has become the trusted partner for businesses requiring direct-to-equipment refueling. For more information, please visit 4Refuel.com.

About Finning

Finning is the world's largest Caterpillar dealer, delivering unrivalled service to customers for over 90 years. Headquartered in Surrey, British Columbia, Finning provides Caterpillar equipment, parts, services, and performance solutions in Western Canada, Chile, Argentina, Bolivia, the United Kingdom, and Ireland. For more information, visit finning.com.

About H.I.G. Capital

H.I.G. is a leading global alternative investment firm with $70 billion of capital under management.* Based in Miami, and with offices in Atlanta, Boston, Chicago, Los Angeles, New York, San Francisco, and Stamford in the United States, as well as international affiliate offices in Hamburg, London, Luxembourg, Madrid, Milan, Paris, Bogotá, Rio de Janeiro, São Paulo, Dubai, and Hong Kong, H.I.G. specializes in providing both debt and equity capital to middle market companies, utilizing a flexible and operationally focused/value-added approach:

• H.I.G.'s equity funds invest in management buyouts, recapitalizations, and corporate carve-outs of both profitable as well as underperforming manufacturing and service businesses.
• H.I.G.'s debt funds invest in senior, unitranche, and junior debt financing to companies across the size spectrum, both on a primary (direct origination) basis, as well as in the secondary markets. H.I.G. also manages a publicly traded BDC, WhiteHorse Finance.
• H.I.G.'s real estate funds invest in value-added properties, which can benefit from improved asset management practices.
• H.I.G. Infrastructure focuses on making value-add and core plus investments in the infrastructure sector.

Since its founding in 1993, H.I.G. has invested in and managed more than 400 companies worldwide. The Firm's current portfolio includes more than 100 companies with combined sales in excess of $53 billion. For more information, please refer to the H.I.G. website at hig.com.

*Based on total capital raised by H.I.G. Capital and its affiliates.

Contact:

Matt Kever
Managing Director
[email protected]

H.I.G. Capital
1450 Brickell Avenue
31st Floor
Miami, FL 33131
P: 305.379.2322
hig.com

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SOURCE H.I.G. Capital