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Tornado Infrastructure Equipment (TSX-V:TGH, OTCQX:TGHLF) announced completion of a plan of arrangement under which an affiliate of The Toro Company acquired all issued Class A common shares for $1.92 per share.
The company expects its TSX Venture Exchange listing to be delisted at the close of business on December 10, 2025 and has applied to cease to be a reporting issuer in Alberta, Ontario and British Columbia. Shareholders with questions should contact TSX Trust Company or view detailed voting results on SEDAR+.
Tornado Infrastructure Equipment (TSXV:TGH / OTCQX:TGHLF) announced securityholder approval of a plan of arrangement under which an affiliate of The Toro Company will acquire all issued and outstanding Class A shares for CAD $1.92 per share. Voting tallies showed >99.6% approval across shareholders and securityholders, with 84.41% shareholder turnout as of the Oct 31, 2025 record date. The arrangement remains subject to a final court order from the Court of King's Bench of Alberta at a hearing on Dec 3, 2025, and, if approved and conditions satisfied or waived, closing is anticipated on or about Dec 8, 2025.
Tornado Infrastructure Equipment (TSXV:TGH / OTCQX:TGHLF) reported Q3 2025 results and material corporate actions. Revenue was $42,323 (Q3/2025), up 39.0% year-over-year; gross profit was $10,041; net income was $4,078 (up 104.9%) and diluted net income per share was $0.028. EBITDAS was $6,171 with EBITDAS per diluted share of $0.043. The company sold 95 hydrovac trucks in Q3/2025 versus 70 in Q3/2024.
Strategic items: on October 6, 2025 Tornado agreed to be acquired by The Toro Company for CAD $1.92 per share (≈CAD $279.3M), with a Tornado securityholder meeting set for December 2, 2025. On May 15, 2025 Tornado acquired Custom Vacuum Services for $28M, funded by cash and a new term loan. Management expects continued revenue and production growth into 2026 driven by infrastructure spending, CustomVac synergies, expanded dealer channels and a new Red Deer production building expected to begin operations in Q4/2025.
Tornado Infrastructure Equipment (TSXV:TGH / OTCQX:TGHLF) filed its management information circular and received an interim court order for a special meeting on Dec 2, 2025 to approve a proposed arrangement under which Toro affiliate Purchaser will acquire all Class A shares for $1.92 per share.
The Consideration represents a ~43.7% premium to the 12-month VWAP and ~30.3% premium to the 180-day VWAP as of Oct 3, 2025. The deal has no financing condition and Toro has guaranteed the Purchaser's obligations. Support and Voting Agreements cover approximately 71.9% of outstanding shares and ~70.5% of shares and options combined.
Tornado Infrastructure Equipment (TSX-V:TGH / OTCQX:TGHLF) agreed to be acquired by a subsidiary of The Toro Company for CAD $1.92 per share, valuing Tornado at ~CAD $279.3 million on a fully diluted basis. The all-cash transaction, unanimously recommended by a Special Committee and Tornado's board, implies a ~43.7% premium to the 12-month VWAP and is expected to close in Q4 2025, subject to shareholder, court and Competition Act approvals. The deal is supported by holders representing ~54% of shares and includes a CAD $11.0 million termination fee.
Tornado Infrastructure Equipment (OTCQX:TGHLF) reported strong Q2 2025 results, highlighted by a 30.7% revenue increase to $44,985 CAD and a 6.7% rise in net income to $2,680 CAD. The company's performance was driven by increased hydrovac truck sales and improved operational efficiency.
A key development was the $28 million acquisition of CustomVac on May 15, 2025, expanding Tornado's product portfolio in vacuum equipment for oil and gas, utilities, and environmental services. The company sold 87 hydrovac trucks in Q2 2025, up from 82 in Q2 2024, with an additional 9 trucks from CustomVac.
Management expects continued growth in 2025, supported by infrastructure spending, CustomVac synergies, and increased production capacity from a new Red Deer facility scheduled to commence operations in Q4 2025.
Tornado Infrastructure Equipment (OTCQX:TGHLF) has announced that its subsidiary CustomVac has entered into a significant private label manufacturing agreement with Ascend Hydrovacs. The agreement involves manufacturing exclusive 13-yard tipping tank hydrovac units for Ascend, with expected minimum gross revenue of CAD$88.2 million over four years starting 2026.
The deal includes an intellectual property fee of up to CAD$1.8 million payable to Tornado for co-developed hydrovac product design rights. Production will take place at CustomVac's Nisku facility, with first deliveries expected in late 2025. Additionally, Tornado's new Red Deer manufacturing campus is nearly complete, with operational efficiencies expected to begin in Q3 2025.
Tornado Infrastructure Equipment (TGHLF) has completed the acquisition of CustomVac for $28 million in cash. CustomVac, founded in 2000 and based in Nisku, Alberta, manufactures and services truck-mounted and semi-trailer mounted vacuum equipment for oil and gas, utilities, excavation, and environmental sectors.
The acquisition brings significant synergies, including cross-selling opportunities and leveraging Tornado's established sales channels. CustomVac's unaudited trailing 12-month gross profit was $9.58 million with assets of $11.59 million as of January 31, 2025. The purchase was funded through a combination of cash on hand and a new term loan, with no long-term debt assumed from CustomVac.
Tornado Infrastructure Equipment (TGHLF) reported strong financial results for 2024, achieving record sales and profitability. Net income increased by 40.3% to $10,302,000, with diluted earnings per share up 37.7% to $0.073 compared to 2023.
The company's revenue grew 30.4% to $136,891,000, driven by increased hydrovac truck sales (320 units vs 241 in 2023), higher pricing, and successful partnerships with Ditch Witch and Custom Truck One Source. Gross profit rose 30.8% to $25,632,000, benefiting from improved production efficiency.
For Q4 2024, despite the absence of a one-time IP sale, revenue increased 14.4% to $38,113,000, with 89 trucks sold compared to 71 in Q4 2023. The company expects continued growth in 2025, supported by infrastructure spending in North America and planned facility expansion.
Tornado Global Hydrovacs Ltd. has signed a Product Supply and Development Agreement with Ditch Witch, a division of The Toro Company. This agreement commits to delivering customized hydrovac trucks, expected to generate gross revenue of USD$43,850,000 over four years. The initiative aligns with increasing infrastructure spending and aims to enhance manufacturing capacity. The first truck delivery is scheduled for Q3 2022, marking a significant collaboration between two established brands in the hydrovac industry.
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