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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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