Private equity house combines Canadian acquisition with partial exit from US lifestyle brand
HIG Capital has struck a C$400m deal to acquire Canadian mobile refueling company 4Refuel, underscoring the Miami-based investment firm’s focus on recession-resistant industrial services as economic uncertainty persists.
The transaction, completed on July 1, saw HIG purchase 4Refuel from Finning International, the world’s largest Caterpillar dealer. Finning had acquired the company in 2019 for C$260m, representing a 54 per cent premium for the buyer.
Days later, HIG’s growth capital arm partially exited lifestyle jewelry brand The GLD Shop after a four-year hold period that delivered revenue growth exceeding 130 per cent. The firm sold its majority stake to MarcyPen Capital Partners while retaining a minority position.
The dual transactions reflect HIG Capital’s portfolio approach of pairing defensive industrial assets with higher-growth consumer plays, a strategy that has underpinned the firm’s expansion to $70bn in assets under management.
4Refuel operates across 27 locations in Canada and has established a presence in Texas, delivering approximately 1bn litres of fuel annually to more than 3,000 customers. The company’s direct-to-equipment refueling model serves sectors including rail transport, logistics and construction — industries that require continuous fuel supply regardless of economic conditions.
“4Refuel is a scaled, differentiated, technology-enabled platform operating in a mission-critical segment of the energy value chain,” said Matt Kever, managing director at HIG.
Consumer Discretionary Exit
The GLD transaction provides a contrast to the industrial acquisition. Founded in 2015, the Miami-based jewelry company built its brand around celebrity endorsements from athletes including Kevin Durant and musicians such as Snoop Dogg.
Under HIG’s ownership, GLD secured licensing agreements with major US sports leagues including the NBA and NFL, expanding beyond its original direct-to-consumer chains and pendants into watches and accessories.
“GLD’s evolution from a digital disruptor to category leader has been part of our aligned vision with Christian and the senior management team since our initial investment,” said Evan Karp, managing director at HIG Growth Partners.
The timing of the exit comes as consumer discretionary spending faces pressure from elevated interest rates and shifting demographic preferences among younger consumers.
Middle-Market Focus
HIG’s recent activity extends beyond these July transactions. The firm completed acquisitions this year including healthcare revenue cycle manager GetixHealth and Microsoft cloud services provider Quisitive. It also merged two IT solutions companies to create Pellera Technologies, which generated approximately $4bn in revenue last year.
The investment pace reflects HIG’s middle-market focus, targeting companies with established operations that can benefit from additional capital and operational expertise. Since its 1993 founding by Sami Mnaymneh and Tony Tamer, the firm has invested in more than 400 companies across its equity, debt and real estate strategies.
Portfolio companies currently generate combined annual sales exceeding $53bn, with HIG maintaining offices across 19 global locations spanning North America, Europe, Latin America, the Middle East and Asia.
The firm’s approach emphasizes operational value creation over financial engineering, a strategy that has proven effective across economic cycles. Recent investments span sectors from food manufacturing — including pickle producer Patriot Pickle — to pharmaceutical compounding services through UK-based ITH Group.
HIG’s diversified investment approach positions the firm to capitalize on market dislocations while maintaining exposure to growth sectors, according to industry observers. The combination of defensive industrial assets and consumer brands provides portfolio balance during periods of economic volatility.
