Origin Merchant Partners (“Origin”) acted as Exclusive Financial Advisor to the Special Committee of Tornado Infrastructure Equipment Ltd. (TSX-V: TGH) on its definitive agreement to be acquired by The Toro Company (NYSE: TTC).
The transaction is subject to certain antitrust and other regulatory approvals, approval by Tornado’s security holders, and other customary closing conditions, and is currently anticipated to close during The Toro Company’s fiscal 2026 first quarter.
The Toro Company will purchase all of the outstanding shares of Tornado Infrastructure Equipment for $1.92 per share (CAD), or a fully diluted equity value of $279.3 million (CAD), and intends to finance the acquisition with debt from existing credit facilities and additional financial arrangements. The all-cash purchase price is a 4 percent premium on Tornado Infrastructure Equipment’s latest closing share price.
About Tornado Infrastructure Equipment Ltd.
Tornado is a pioneer and leader in the vacuum truck industry and has been a choice of utility and oilfield professionals with over 1,900 hydrovacs sold since 2008. The Company designs and manufactures hydrovac trucks as well as provides heavy duty truck maintenance operations in central Alberta. It sells hydrovac trucks to excavation service providers in the infrastructure and industrial construction and oil and gas markets. Hydrovac trucks use high pressure water and vacuum to safely penetrate and cut soil to expose critical infrastructure for repair and installation without damage. Hydrovac excavation methods are quickly becoming a standard in North America to safely excavate in urban areas and around critical infrastructure greatly reducing infrastructure damage and related fatalities.
About The Toro Company
The Toro Company (NYSE: TTC) is a leading global provider of solutions for the outdoor environment including turf and landscape maintenance, snow and ice management, underground utility construction, rental and specialty construction, and irrigation and outdoor lighting solutions. With net sales of $4.6 billion in fiscal 2024, The Toro Company’s global presence extends to more than 125 countries through a family of brands that includes Toro, Ditch Witch, Exmark, Spartan, BOSS, Ventrac, American Augers, Subsite, HammerHead, Radius, Perrot, Hayter, Unique Lighting Systems, Irritrol, and Lawn-Boy. Through constant innovation and caring relationships built on trust and integrity, The Toro Company and its family of brands have built a legacy of excellence by helping customers work on golf courses, sports fields, construction sites, public green spaces, commercial and residential properties and agricultural operations.
Press release: The Toro Company to Acquire Tornado Infrastructure Equipment Ltd.
Deal team: Charles Pennock, Umer Randhawa
