William Blair Advises 4Refuel

Friday, October 4, 2013

William Blair & Company acted as the exclusive financial advisor to 4Refuel, a portfolio company of TorQuest, in connection with its sale to Kelso & Company. The cross-border transaction closed on September 20, 2013 and represents the sixth route-based services transaction in the last two years for the Commercial Services group.

Transaction Highlights

  • Category-Creating Market Leader: 4Refuel pioneered the Mobile Onsite Refueling (“MOR”) industry in Canada and has built an unmatched market presence, with 128 locations in eight Canadian provinces, delivering over three million unique fueling transactions annually.  The company is the most trusted and sophisticated MOR provider in Canada, with a proprietary technology platform and track record of generating 90%+ of its net revenue each year from existing clients.
     
  • Fit with William Blair’s Route-Based Services Expertise: TorQuest and 4Refuel were attracted to William Blair’s extensive knowledge and experience within the technology-enabled, route-based services industry, and the key relationships with likely strategic and financial acquirers to facilitate a highly competitive process and maximize value.
     
  • Execution Excellence: William Blair’s transaction team marketed 4Refuel to potential acquirers, coordinated an accelerated due diligence process and successfully led a competitive negotiation of key transaction terms with multiple potential acquirers, while maintaining confidentiality to minimize competitive disruption in 4Refuel’s markets throughout the process.

About the Companies

4Refuel is the leading provider of route-based MOR services, the fastest growing segment of Canada’s 30+ billion litre annual diesel fuel delivery market.   MOR is the process of delivering fuel to a client’s location and fueling each piece of equipment directly.  Founded in 1995, 4Refuel pioneered the MOR industry in Canada and has built an unmatched market presence, serving approximately 2,500 private and municipal clients across a diverse set of industries.

TorQuest Partners, founded in 2002, is one of Canada’s leading middle-market private equity firms.  The Firm manages greater than $1 billion in equity capital and has completed more than 25 platform investments. 

Kelso is a leading private equity firm, with more than $10 billion in total committed capital since its founding in 1980.

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