On February 3, 2025, Toromont Industries Ltd. (TSX: TIH) acquired a 60% ownership stake in AVL Manufacturing Inc., a Hamilton, Ontario-based provider of power generation and storage enclosures. The purchase price was paid in cash and Toromont shares, with post-closing adjustments pending. Toromont committed to acquiring the remaining 40% interest by 2031, contingent on AVL’s performance.

The acquisition strengthens Toromont’s presence in the growing North American power enclosure market, particularly in the data center sector. AVL will continue operations under President Vince DiCristofaro, ensuring business continuity. The transaction is expected to be accretive but will not materially impact Toromont’s near-term financials.

Torys LLP advised Toromont, with a team including Kevin Morris, Leah Frank, Alisse Wilson, Alison Shamie, and Jillian Newton (corporate/M&A), Andy Gibbons and Paul Mohan (real estate), Tom Stevenson and Parker Baglole (employment), Ed Fan (IP), and Benjamin Mann and Julia Zhuo (tax). Stikeman Elliott LLP represented AVL Manufacturing.