H.I.G. acquires mobile refueler for $292M

An affiliate of H.I.G. Capital—a global alternative investment firm with $70 billion of capital under management—recently purchased 4Refuel from Finning International for a total purchase price of up to $292.3 million.

4Refuel, a provider of mobile on-site refueling services that’s headquartered in Toronto, Ontario, was founded in 1995. The company is led by an experienced management team that built a leading platform across Canada, with a growing presence in Texas, H.I.G. reported.

“4Refuel is a scaled, differentiated, technology-enabled platform operating in a mission-critical segment of the energy value chain,” Matt Kever, H.I.G. managing director, said in a news release. “We are excited to partner with Larry and the 4Refuel team to accelerate growth through organic initiatives and strategic acquisitions, while continuing to deliver outstanding service and value to its customers.”

Serving over 3,000 customers across a diverse range of sectors, 4Refuel specializes in direct-to-equipment, on-site refueling, diesel exhaust fluid, and tank monitoring services. The company delivers approximately 264 million gallons of fuel annually, through an expansive network of facilities and specialized vehicles. 4Refuel’s commitment to exceptional service, safety, and technology has driven strong customer retention and satisfaction.

“H.I.G. brings deep sector expertise and a proven playbook for value creation,” 4Refuel CEO Larry Rodo added. “We’re excited to continue our mission of delivering best-in-class refueling services, while pursuing new opportunities to serve our customers across Canada and the U.S.

“We are grateful to our incredible team, who have built 4Refuel into the trusted brand it is today.”