On March 23, 2022, Finning International Inc. announced its acquisition of Hydraquip Hose & Hydraulics Ltd. and Hoses Direct Ltd. (collectively "Hydraquip") for approximately £65 million, net of cash acquired. This transaction, subject to standard post-closing adjustments and before deferred contingent consideration, significantly expands Finning's service capabilities. Hydraquip, the UK’s second largest hydraulic hose replacement and repair company, is known for its strong brand and history of profitable growth. In 2021, it generated over £26 million in revenue and £7.2 million in Adjusted EBITDA. The company employs 270 people and serves over 4,000 customers across various industries like construction, power systems, transportation, waste management, utilities, manufacturing, and materials handling. Approximately 60% of Hydraquip’s revenue stems from on-site mobile hose services, including hose replacement, assembly, and fitting, oil replenishment, and general hydraulic servicing. It operates 130 mobile service vans with trained technicians providing 24/7 coverage across the UK. The remaining 40% of its business involves selling hydraulic and fluid power products and parts through 27 branches and online. Scott Thomson, Finning's president and CEO, highlighted the acquisition's alignment with their strategy to enhance product support growth, noting the strong customer focus and cultural fit between the two companies. Finning plans to fund the transaction using cash on hand and existing credit facilities, expecting immediate positive impacts on its UK & Ireland operation’s EBIT, overall earnings per share, and free cash flow.