On October 6, 2025, Tornado Infrastructure Equipment Ltd. announced a definitive agreement for a subsidiary of The Toro Company to acquire all outstanding Class “A” common shares of Tornado for CAD $1.92 per share, implying a fully diluted equity value of approximately CAD $279.3 million. The all-cash deal followed an eight-month strategic review led by a Special Committee of independent directors. The price represented premiums of 43.7% to the 12-month VWAP, 3.8% to the closing price, and 30.3% to the 180-day average as of October 3, 2025. The transaction was supported by nine of Tornado’s largest shareholders and all directors and senior executives, together holding about 54% of the shares, and included customary non-solicitation and fiduciary-out provisions plus an CAD $11 million termination fee.

On December 8, 2025, The Toro Company announced completion of the acquisition, after which Tornado will become a privately held subsidiary and be delisted from the TSX-V. Based in Calgary, Tornado manufactures hydrovac excavation equipment for underground construction, power transmission and energy markets. Toro financed the approximately CAD $279 million purchase price with debt under existing credit facilities and additional arrangements. The company expects the deal to be marginally accretive to adjusted EPS in year one, supported by targeted annual run-rate cost synergies of $3 million (USD), or about CAD $4.2 million using the 2025 average exchange rate.

Stikeman Elliott LLP advised Tornado and the Special Committee, while McCarthy Tétrault LLP advised Toro and the purchaser.