Finning International has announced the sale of its mobile refueling business, 4Refuel, to affiliates of H.I.G. Capital for up to $400 million, with a total transaction value of approximately $450 million, including assumed leases and debt.
The refueling business operates through several Finning subsidiaries and employs around 650 people, serving industries such as transportation, construction, waste management and food and beverage across North America, according to a May 8 Finning release.
Finning, the world’s largest Caterpillar dealer, will receive $330 million in cash at closing, along with a $50 million promissory note and up to $20 million tied to future financial performance.
The sale is expected to close in the third quarter.
Finning sells ComTech
Separately, Finning and other shareholders have agreed to sell Compression Technology (ComTech) for $40 million, also including leases and debt, and that transaction is expected to close in the second quarter, according to the release. Finning determined earlier this year that ComTech no longer aligns with its core business strategy and recorded a $45 million impairment loss in Q1, of which $29 million after-tax was attributable to Finning shareholders.
Together, 4Refuel and Finning’s 54.5% stake in ComTech generated more than $190 million in revenue, $85 million in SG&A expenses, $72 million in EBITDA and $37 million in EBIT in 2024, according to the release. Finning is headquartered in Surrey, British Columbia, and operates across Western Canada, South America, the United Kingdom and Ireland.
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