H.I.G. Capital completed two notable transactions in the first week of July, adding a Canadian fuel delivery company to its portfolio while partially exiting a Miami-based jewelry brand after a four-year investment.
The Miami-based alternative investment firm, which manages $70 billion in capital, acquired 4Refuel from Finning International for up to CAD 400 million on July 1. Days later, H.I.G. Growth Partners sold its majority stake in The GLD Shop to MarcyPen Capital Partners while retaining a minority position.
The deals highlight H.I.G. Capital’s continued focus on middle-market companies across diverse sectors, from industrial services to consumer brands.
H.I.G. Capital Expands Energy Services Portfolio
4Refuel, founded in 1995 and based outside Toronto, leads Canada’s mobile on-site refueling market. The company serves more than 3,000 customers across rail, transportation, logistics and infrastructure sectors, delivering approximately one billion liters of fuel annually through 27 locations.
“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 H.I.G.
The acquisition marks H.I.G.’s entry into the mobile refueling sector, which has grown as companies seek to reduce downtime and operational costs. 4Refuel’s services include direct-to-equipment refueling, diesel exhaust fluid delivery and tank monitoring.
Larry Rodo will continue as CEO under H.I.G.’s ownership. The company operates across Canada and Texas, with plans for expansion into additional U.S. markets.
Finning International, the world’s largest Caterpillar dealer, originally acquired 4Refuel in 2019 for about CAD 260 million. The sale to H.I.G. represents an 88% premium to that purchase price.
Consumer Brand Exit Generates Returns
H.I.G. Growth Partners’ sale of GLD represents a successful exit from the jewelry and lifestyle brand sector. The firm invested in GLD in 2021 when the company was primarily a digital disruptor.
Under H.I.G.’s ownership, GLD expanded its product portfolio beyond chains and pendants to include watches and accessories. The brand secured licensing partnerships with major sports leagues including the NBA, NFL, MLB and NHL.
“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 H.I.G. Growth.
Revenue grew more than 130% during H.I.G.’s four-year ownership period. The brand counts athletes like Micah Parsons and Kevin Durant among its customers, along with recording artists including Polo G and Snoop Dogg.
Christian Johnston, GLD’s founder and chief creative officer, will continue leading the company under new ownership. Brand Velocity Group joined MarcyPen as co-investor in the transaction.
Broader Investment Activity
These July transactions continue H.I.G.’s active dealmaking pace. Earlier this year, the firm completed acquisitions across healthcare, technology and industrial sectors.
H.I.G. acquired GetixHealth, a revenue cycle management provider, in April for an undisclosed amount. The firm also purchased Quisitive Technology Solutions, a Microsoft cloud services provider, and completed the merger of two IT solutions companies to form Pellera Technologies.
In the food sector, H.I.G. previously acquired Patriot Pickle in January and supported the company’s expansion with a new Texas production facility that tripled manufacturing capacity.
The firm operates multiple investment strategies including private equity, growth equity, real estate and debt financing. H.I.G. has invested in more than 400 companies since its founding in 1993, with current portfolio companies generating combined sales exceeding $53 billion.
H.I.G. maintains 19 offices globally, with locations across North America, Europe, Latin America, the Middle East and Asia.
