VANCOUVER, B.C. – Finning International has announced an agreement to purchase 100% of 4Refuel Canada and 4Refuel US for approximately $260 million.
4Refuel provides mobile, on-site fueling and serves about 3,400 customers. The company refuels customer equipment on site, mostly during off hours when equipment is idle, maximizing productivity for customers.
“This transaction is a great example of a Caterpillar complementary bolt-on acquisition that accelerates our customer-centric growth strategy. With this investment we will provide new and existing customers with additional services to improve productivity and decrease their total cost of equipment ownership,” said Scott Thomson, president and CEO of Finning.
About 50% of 4Refuel’s customers are based in Western Canada. Finning says by combining forces, it will be able to sell equipment, offer product support, rental and value-added services to a customers that’s not currently taking advantage of the company’s full suite of services. The transaction is subject to regulatory approvals and is to close in early 2019.