Announcement • Dec 11
Tornado Infrastructure Equipment Ltd. Announces Delisting of Shares Tornado Infrastructure Equipment Ltd. announced the completion of the previously announced plan of arrangement (the "Arrangement") involving the Company, The Toro Company ("Toro") and Tornado Acquisition Company ULC (the "Purchaser"), an affiliate of Toro, pursuant to which the Purchaser acquired all of the issued and outstanding Class "A" common shares (the "Shares") of the Company for cash consideration of $1.92 per Share. The Shares are expected to be delisted from the TSX Venture Exchange (the "TSX-V") at the close of business on December 10, 2025. Tornado is a reporting issuer in each of the Provinces of Alberta, Ontario and British Columbia (the "Jurisdictions") and has applied to cease to be a reporting issuer in each Jurisdiction. Announcement • Dec 09
The Toro Company (NYSE:TTC) completed the acquisition of Tornado Infrastructure Equipment Ltd. (TSXV:TGH) from James Chui, Hong Li and others. The Toro Company (NYSE:TTC) agreed to acquire Tornado Infrastructure Equipment Ltd. (TSXV:TGH) from James Chui, Hong Li and others for approximately CAD 270 million on October 6, 2025. A cash consideration valued at CAD 1.92 per share will be paid by The Toro Company. As part of consideration, CAD 280 million is paid towards common equity of Tornado Infrastructure Equipment Ltd. In case of termination of transaction, The Toro Company will pay a termination fee of CAD 11 million. The transaction is expected to be financed with debt from existing credit facilities and additional financial arrangements.
The transaction is subject to approval of merger agreement by target board, approval of offer by target shareholders and subject to antitrust regulations. The Board of Directors of Tornado Infrastructure Equipment Ltd. formed a special committee for the transaction. The deal has been unanimously approved by the board. The transaction is expected to close in the fourth quarter of 2025. The Toro Company expects the transaction to be marginally accretive to earnings in the first year, excluding purchase price accounting and transaction-related adjustments. As of October 6, 2025, shareholders holding, directly or indirectly, or exercising control or direction over, an aggregate of 75,505,817 Shares and 5,837,500 Company Options, representing approximately 54.3% of the issued and outstanding Shares and Company Options), pursuant to which, among other things, they have agreed to vote their Shares in favour of the Arrangement. As of November 10, 2025, the Court of King’s Bench of Alberta has issued an interim order in connection with the arrangement. The board of Tornado Infrastructure unanimously recommends that the Securityholders vote FOR the arrangement resolution.
Origin Merchant Partners acted as fairness opinion provider for Tornado Infrastructure Equipment Ltd. Stifel Nicolaus Canada Inc. acted as fairness opinion provider for Tornado Infrastructure Equipment Ltd and will receive a fee of CAD 250,000 upon delivery of the Opinion. Stifel Nicolaus Canada Inc. acted as financial advisor for Tornado Infrastructure Equipment Ltd. Origin Merchant Partners acted as financial advisor for Tornado Infrastructure Equipment Ltd. Michael Burkett and Steven D. Bennett of Stikeman Elliott LLP acted as legal advisor for Tornado Infrastructure Equipment Ltd. Jake Irwin of McCarthy Tétrault LLP acted as legal advisor for The Toro Company. Laurel Hill Advisory Group acted as information agent to Tornado Infrastructure. Laurel Hill will receive a fee of CAD 45,000 for its services. TSX Trust Company acted as transfer agent and depository to Tornado Infrastructure.
The Toro Company (NYSE:TTC) completed the acquisition of Tornado Infrastructure Equipment Ltd. (TSXV:TGH) from James Chui, Hong Li and others on December 8, 2025. The Shares are expected to be delisted from the TSX Venture Exchange at the close of business on December 10, 2025. Announcement • Oct 07
The Toro Company (NYSE:TTC) agreed to acquire Tornado Infrastructure Equipment Ltd. (TSXV:TGH) for approximately CAD 280 million. The Toro Company (NYSE:TTC) agreed to acquire Tornado Infrastructure Equipment Ltd. (TSXV:TGH) for approximately CAD 280 million on October 6, 2025. A cash consideration valued at CAD 1.92 per share will be paid by The Toro Company. As part of consideration, CAD 280 million is paid towards common equity of Tornado Infrastructure Equipment Ltd. In case of termination of transaction, The Toro Company will pay a termination fee of CAD 11 million. The transaction is expected to be financed with debt from existing credit facilities and additional financial arrangements.
The transaction is subject to approval of merger agreement by target board, approval of offer by target shareholders and subject to antitrust regulations. The Board of Directors of Tornado Infrastructure Equipment Ltd. formed a special committee for the transaction. The deal has been unanimously approved by the board. The transaction is currently anticipated to close during The Toro Company’s fiscal 2026 first quarter. The Toro Company expects the transaction to be marginally accretive to earnings in the first year, excluding purchase price accounting and transaction-related adjustments.
Origin Merchant Partners acted as fairness opinion provider for Tornado Infrastructure Equipment Ltd. Stifel Nicolaus Canada Inc. acted as fairness opinion provider for Tornado Infrastructure Equipment Ltd. Stifel Nicolaus Canada Inc. acted as financial advisor for Tornado Infrastructure Equipment Ltd. Origin Merchant Partners acted as financial advisor for Tornado Infrastructure Equipment Ltd. Stikeman Elliott LLP acted as legal advisor for Tornado Infrastructure Equipment Ltd. McCarthy Tétrault LLP acted as legal advisor for The Toro Company. Announcement • May 28
Tornado Infrastructure Equipment Ltd. Provides Earnings and Production Guidance for 2025 Tornado Infrastructure Equipment Ltd. provided earnings and production guidance for 2025. The company expects the production and sales of hydrovac trucks and profitability to continue to grow in 2025 for the following reasons: Expected continued spending on infrastructure in the industry across North America. The anticipated increased revenues and benefits from the strategic Acquisition of CustomVac, including expanded product offerings, cross-selling opportunities, and improved supply chain efficiency. The continuing addition of new and innovative products that will support the infrastructure, telecommunications and oil and gas industries. The anticipated increasing revenues and benefits from the sales arrangement with its U.S. strategic partner, Custom Truck. The anticipated increase in production capacity and operating efficiencies resulting from the completion of the new production building being constructed at the Red Deer facility, which is expected to be completed in Q2/2025. The Company's strategy to introduce new product lines to increase revenue by internal development and through synergistic business acquisitions. The Company's commitment to continuous improvement of its hydrovac truck design which in the Company's view will result in advantages over other hydrovac trucks currently offered in the market. The Company's ability to continue to secure key manufacturing components, including chassis for customers, into future years through strategic supplier relationships. The Company has strengthened its dealer relationships in both Canada and U.S. to meet the expected demand increase. Expanded North American coverage for maintenance warranty and repair to serve customers better. Favorable impact of a strengthened USD on a significant portion of the Company's U.S. sales, which supports improved gross margins on those transactions. Announcement • Feb 25
Tornado Infrastructure Equipment Ltd. Announces Chief Financial Officer Changes Tornado Infrastructure Equipment Ltd. announced the promotion of Derek Li as Vice President and Chief Financial Officer, effective immediately. Derek will be replacing Al Robertson who has decided to retire. Derek Li, formerly the Vice President, Finance and Controller, has been an integral part of Tornado’s leadership for the past eight years, demonstrating exceptional strategic and operational expertise that has significantly contributed to company’s growth. As Vice President and CFO, he is responsible for overseeing financial strategy, improving operational efficiency, and supporting business expansion efforts. Announcement • Dec 16
Tornado to Build the First Hydrovac Truck in Midland Tornado is working with a U.S. based partner, under the supervision of Tornado personnel, to build the Company’s first hydrovac truck in Midland, Texas, with completion anticipated by the end of 2024. This initiative is the first tangible step in expansion into the United States. By establishing a stronger local U.S. presence, the company aim to be closer to largest customers and better positioned to meet the increasing demand for their products in the U.S. market. 
