TorQuest Backs 4Refuel Canada

4Refuel Canada LP, a Canadian fuel management company, has raised an undisclosed amount of private equity funding from TorQuest Partners.

PRESS RELEASE

TorQuest Partners announced today that it has made a significant equity investment in Canada’s largest fuel management company, 4Refuel Canada LP, and will partner with management to drive the long-term growth of the business.

4Refuel has pioneered the development of the world’s only fully automated, end-to-end fuel management solution. 4Refuel’s fuel management system enables businesses to save money, increase productivity, lower overhead and drive a higher return on their fuel investments. The company’s clients include a significant number of Fortune 500 companies in the logistics, rail, bottling, construction and food industries.

“4Refuel is a proven Canadian business with a differentiated product offering, an outstanding customer base and significant domestic and international growth potential,” said Michael Hollend, Partner at TorQuest. “The company has consistently been ranked as one of Canada’s fastest growing and best managed companies. Together with management we intend to continue on that trajectory and accelerate the long-term growth plan.”

Jack Lee, 4Refuel Founder and Chairman said, “TorQuest is the right partner for us. Their team understands our business and brings the deep financial and operational expertise we need to capitalize on the increasing demand for our intelligent fuel management systems and services.”

Brent Belzberg, Senior Managing Partner of TorQuest, said, “Partnering with successful management teams that have a significant vested interest in the business is core to our strategy. 4Refuel is the second new platform investment TorQuest has made in 2010, and we are delighted to add this outstanding Canadian company to our portfolio.”

4Refuel expects to continue its growth, both organically and potentially through acquisitions. The company will leverage its long-standing customer relationships and leading-edge technology platform to expand its business in existing and new markets.

About TorQuest

Founded in 2002, TorQuest Partners is a Canadian-based manager of private equity funds. With more than C$700 million of equity capital under management, TorQuest seeks to pursue investments in middle market companies with the goal of building value.

About 4Refuel

4Refuel Canada LP (formerly 4Refuel Canada Ltd) is a privately held business based in Langley, British Columbia. Established in 1995, the company has offices in Canada’s major centres and provides service from coast to coast and in Seattle, WA.