Tornado’s revenues have risen sharply. Annual revenue grew more than 30% in 2024 and 130% in the past two years, with the Ditch Witch partnership being a key factor.
The companies expect the deal to close in the first quarter of 2026. Toro plans to keep the Tornado brand and make it a division of the company’s underground and specialty construction group.
Tornado has approximately 300 employees and manufacturing operations in the Alberta cities of Red Deer and Nisku. Management and employees of the company are expected to make the transition to Toro.
“This acquisition will help expand both our geographical footprint and product range to better serve customers facing complex projects in energy, power transmission and water infrastructure,” Peter Moeller, Toro’s group vice president of underground and specialty construction, said in a news release.
According to a news release from Tornado, it has been undergoing a strategic review of alternatives for the past eight months involving potential strategic and financial buyers. Alexandra Ricci, an analyst with Paradigm Capital who follows Tornado, wrote in research note she didn’t believe a new bidder would emerge.
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