H.I.G. Capital, a Miami-based private equity firm, will acquire Vancouver’s 4Refuel Holdings in a deal worth $322.4 million, the companies announced last week. Finning International, which purchased 4Refuel in 2019 for $186.3 million, said the deal includes $236.4 million in cash, a $38.5 million loan owed to Finning, and up to $14.4 million in additional payments if certain financial targets are met. The sale marks a nearly 54% gain on Finning’s original investment.
4Refuel provides on-site and bulk fuel delivery services to industries such as transportation, construction, and waste management. The company employs approximately 650 people.
The deal is part of a broader global buying spree by H.I.G., which manages more than $70 billion in assets and has been steadily expanding its international portfolio. In the past year, the firm acquired the UK’s DX Group plc, a provider of parcel freight and logistics services. In France, its real estate arm picked up a portfolio of last-mile and parcel delivery assets. And in Eastern Europe, H.I.G. signed a definitive agreement to acquire CGH Group, a manufacturer of storage tanks and fuel handling systems.
Nick Miceli, TD Bank’s Florida regional president, said concerns around tariffs and immigration are dampening outlooks. “Federal policy changes are impacting cost structures and labor availability,” he said. Businesses hoping domestic suppliers would offset high tariffs have seen prices rise across the board, he added.
Despite this, 81% of South Florida respondents plan to hire in the near term.
