M&A Deal Summary

Finning Acquires 4Refuel Canada

On December 10, 2018, Finning acquired energy services and equipment company 4Refuel Canada from Kelso and TRP Capital Partners for 260M USD

Acquisition Highlights
  • This is Finning’s 2nd transaction in the Energy Services and Equipment sector.
  • This is Finning’s 2nd largest (disclosed) transaction.
  • This is Finning’s 3rd transaction in Canada.
  • This is Finning’s 1st transaction in British Columbia.

M&A Deal Summary

Date 2018-12-10
Target 4Refuel Canada
Sector Energy Services and Equipment
Buyer(s) Finning
Sellers(s) Kelso
TRP Capital Partners
Deal Type Add-on Acquisition
Deal Value 260M USD

Target

4Refuel Canada

Langley, British Columbia, Canada
website
4Refuel Canada LP is a provider of mobile on-site refueling and fuel management services. 4Refuel pioneered the mobile on-site refueling industry in Canada and has built an unmatched market presence in Canada and the US. Headquartered in Toronto, 4Refuel provides service to a range of large and small clients in construction, transportation, oil & gas, power generation, and other industries. As the Canadian market leader, 4Refuel is the only national on-site fuel provider whose core business is direct-to-equipment on-site refueling. 4Refuel Canada was formed in 1995 and is based in Langley, British Columbia.

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Buyer(S) 1

Buyer

Finning

Vancouver, British Columbia, Canada

website


Category Company
Founded 1933
Sector Machinery
Employees13,188
Revenue 9.3B CAD (2022)
DESCRIPTION

Finning is the largest Caterpillar dealer operating in some of the most resource-rich territories in the world. Finning was founded in 1933 and is based in Vancouver, Canada.


DEAL STATS #
Overall 9 of 11
Sector (Energy Services and Equipment) 2 of 2
Type (Add-on Acquisition) 7 of 9
State (British Columbia) 1 of 1
Country (Canada) 3 of 3
Year (2018) 1 of 1
Size (of disclosed) 2 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-05-06 Kramer

Regina, Saskatchewan, Canada

Kramer Ltd. sells, rents and provides service to diverse market segments across the province. Company operates seven dealership operations in Regina, Saskatoon, Estevan, Swift Current, North Battleford, Kindersley and Tisdale, as well as rental locations in Regina and Saskatoon. Kramer serves customers in a range of industries, including construction, mining, oil and gas, forestry and agriculture, 160 highly-skilled, Caterpillar-trained heavy equipment technicians and 38 service trucks to provide service where and when customers need it.

Buy $230M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-03-22 Hydraquip Hose & Hydraulics

Rochester, United Kingdom

Hydraquip Hose & Hydraulics is a hydraulic hose replacement and repair company serving more than 4,000 customers across a diverse range of industries, including construction, power systems, transportation, waste management, utilities, manufacturing, and materials handling. Hydraquip Hose & Hydraulics is based in Rochester, United Kingdom.

Buy £65M

Seller(S) 2

SELLER

Kelso

New York, New York, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1971
PE ASSETS 15.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Kelso & Company is a private equity and investment management firm that seeks control investments in middle-market companies operating primarily throughout the US. Sectors of interest include manufacturing, communications, media, distribution, service, consumer products, retail, healthcare, transportation, logistics, textiles, & apparel, chemicals, and energy. Kelso looks to align 'management's interest with those of investors' when considering opportunities. Kelso & Company was formed in 1971 and is based in New York City.


DEAL STATS #
Overall 37 of 53
Sector (Energy Services and Equipment) 4 of 4
Type (Add-on Acquisition) 19 of 24
State (British Columbia) 1 of 1
Country (Canada) 3 of 4
Year (2018) 6 of 6
Size (of disclosed) 9 of 10
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-11-26 Oasis Outsourcing

West Palm Beach, Florida, United States

Oasis Outsourcing is a Florida-based Professional Employer Organization (PEO) serving almost 230,000 employees and 7,500 clients nationwide. Founded in 1996, it specializes in providing human resources services, employee benefits administration, payroll and tax administration, risk management services and staffing solutions to small- and medium-sized businesses throughout the United States. Oasis is accredited by the Employer Services Assurance Corporation (ESAC), ensuring the highest level of ethical, financial and operational standards in the PEO industry and has received SOC 1 Type II (formerly SAS 70) certification for its high level of accuracy and performance. Oasis, through its subsidiaries, is qualified to offer IRS-certified professional employer organization (CPEO) services.

Sell $1.2B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-04-05 Sirius

San Antonio, Texas, United States

Sirius is a privately held, leading national solutions integrator focused on helping organizations transform their business by managing their operations, optimizing their IT, and securing it all. Sirius was founded in 1980 and is based in San Antonio, Texas.

Sell -
SELLER

TRP Capital Partners

Birmingham, Michigan, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1997
PE ASSETS 500M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

TRP Capital Partners is a private investment firm focused on opportunities within the transportation industry. Specific areas of interest include auto dealerships, education/training, outsourced services, niche manufacturing, environmental, and distribution/logistics. The Firm prefers to control situations and targets companies valued from $25 to $250 million. TRP Capital Partners was formed in 1997 and is based in Birmingham, Michigan.


DEAL STATS #
Overall 9 of 12
Sector (Energy Services and Equipment) 1 of 1
Type (Add-on Acquisition) 3 of 4
State (British Columbia) 1 of 1
Country (Canada) 1 of 1
Year (2018) 1 of 1
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-09-19 CarLotz

Richmond, Virginia, United States

CarLotz is a used vehicle consignment and retail remarketing business that enables consumers and corporations to make the most money possible when selling their vehicles. For a flat-fee, CarLotz will prepare the vehicle for sale, market it nationwide, manage buyer questions and conduct test drives from its retail stores, negotiate a deal on the seller’s behalf, and ultimately cut them a check when the vehicle sells. CarLotz was founded in 2011 and is based in Richmond, Virginia.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-02-11 Flex Fleet Rental

Salt Lake City, Utah, United States

Flex Fleet Rental is a truck rental company that provides customers with the flexibility to manage the demands of their business at a profitable margin. Flex Fleet Rental was established in 2012 and is based in Salt Lake City, Utah.

Buy -