On March 17, 2025, TerraVest Industries Inc. (TSX: TVK) acquired EnTrans International for US$546 million (C$742 million), with an additional earn-out of up to US$46 million (C$62 million) based on 12-month post-closing performance. The transaction represented TerraVest’s largest to date, valuing EnTrans at approximately 7.0x trailing twelve-month EBITDA (after rent).

EnTrans, based in Athens, Tennessee, with facilities in the U.S., Mexico, and Thailand, manufactured tank trailers and LPG equipment under brands such as Heil Trailer, Polar Tank Trailer, Kalyn Siebert, and Jarco. It served petroleum, chemical, cryogenic, and food-grade transport sectors. TerraVest cited strategic benefits including brand strength, product synergies, excess manufacturing capacity, and enhanced North American reach.

TerraVest financed the acquisition by amending its credit facility, now consisting of a C$800 million revolving line, a US$200 million (C$272 million) term loan, and two C$100 million term loans, arranged by Desjardins Group as sole lead arranger, bookrunner, and administrative agent. Lavery advised TerraVest on financing, while Ropes & Gray represented American Industrial Partners and EnTrans in the sale. The acquisition was expected to be immediately accretive to earnings and generate strong free cash flow.