H.I.G. Capital Completes Acquisition of 4Refuel for Up to CAD 400 Million
H.I.G. Capital has successfully completed the acquisition of 4Refuel, which is a Canadian company that offers reliable onsite fuel delivery and management services from Finning International Inc. The acquisition was valued at up to CAD 400 million and closed on July 1, 2025. This acquisition boosts H.I.G. Capital's capabilities in the infrastructure and energy services sectors.
National Provider of Mobile Fueling
Founded in 1995 and headquartered in Burlington, Ontario, 4Refuel is a leading provider of mobile onsite refueling. The company's delivery fleet provides more than one billion liters of fuel annually to over 3,000 customers across Canada and in Texas. 4Refuel's customer base includes clients in construction, transportation, mining and other industrial end markets where "right now" fuel is a critical activity to support equipment readiness.
Besides delivery, 4Refuel also provides supply of diesel exhaust fluid, tank monitoring, and fuel management systems, making 4Refuel a comprehensive partner for companies seeking efficiency and cost savings in their fueling supply.
H.I.G.'s Strategic Alignment
The acquisition ties into H.I.G. Capital's strategy of making investments in businesses that provide critical services and produce recurring demand. Mobile fueling tackles logistical aspects and enhances efficiencies for industries relying on usage of equipment on a 24-7 basis. Through 4Refuel, H.I.G. gains a national scale, a strong brand and strong customer relationships.
The firm stated that 4Refuel's technology and service model provide pathways for new growth via geographic expansion, new product offerings, and add-on acquisitions. The company is positioned already for ongoing demand for fuel logistics efficiency across Canada and the US in light of its scale and customer relationships.
Transaction Summary
The seller, Finning International Inc. (TSX: FTT), is the largest Caterpillar dealer in the world, having acquired 4Refuel in 2019. Finning announced the sale as a part of a portfolio optimization strategy, noting that the proceeds would be redeployed to support and grow its core Caterpillar dealership operation.
Legal counsel for H.I.G. were Blake, Cassels & Graydon LLP and McDermott Will & Emery LLP. The CAD 400 million transactional value includes consideration for performance-based elements as indicated in Finning's announcement.
Wider Firm Context
H.I.G. Capital is based in Miami and manages roughly $70 billion in assets across platforms in private equity, credit, real estate, and infrastructure. Founded in 1993, H.I.G. has invested in or managed over 400 companies. Its portfolio of more than 100 companies currently generates over $53 billion in aggregate sales.
H.I.G. has offices in North America, Europe, and Latin America, employing more than 600 investment professionals. Announced by H.I.G., the acquisition of 4Refuel continues the firm’s record of making investments in infrastructure and energy service businesses alongside consumer, industrial, and technology transactions.
Recent activity
Subsequent to the 4Refuel acquisition, H.I.G. has continued some investment activity in 2025. Most recently, H.I.G.'s growth equity affiliate exited its investment in a majority stake in GLD SHOP, a direct-to-consumer jewelry and lifestyle brand, while retaining a minority stake and reflecting strong growth under H.I.G.'s ownership as the brand generated over 130% growth in revenue.
The GLD SHOP exit and 4Refuel transaction demonstrate H.I.G.'s ability to deploy capital across industries ranging from consumer brands to industrial services while maintaining strong discipline around middle-market opportunities.