On May 8, 2025, Finning International Inc. announced it has entered into a definitive agreement to sell 100% of its mobile on-site refueling business, 4Refuel, to affiliates of H.I.G. Capital for a total implied transaction value of approximately C$450 million. The consideration includes C$330 million payable in cash at closing, a C$50 million note receivable, and up to C$20 million in contingent payments over two years, subject to the achievement of specific financial performance targets. Additionally, the purchaser will assume approximately C$50 million in lease liabilities and other indebtedness. The transaction is expected to close in the third quarter of 2025, pending customary regulatory approvals.

4Refuel is a leading North American mobile refueling company that delivers wheel-to-wheel and bulk fuel to clients in essential industries such as transportation, construction, and waste management. With a workforce of approximately 650 employees, the company has demonstrated strong performance since being acquired by Finning in 2019, contributing significantly to free cash flow and shareholder returns.

The sale aligns with Finning’s strategy to focus on core dealership operations, enhance return on invested capital, and simplify its operational footprint. Proceeds from the transaction are expected to fund share repurchases, pay down debt, and support further investments in Finning’s primary business areas. Borden Ladner Gervais LLP acted as legal counsel to Finning, while CIBC Capital Markets served as the company’s financial advisor on the transaction.