Terravest Industries

What Terravest Industries does

TerraVest Industries Inc. (TSX: TVK) is a Canadian publicly traded diversified industrial manufacturer that produces steel and fiberglass products for niche energy, infrastructure, and industrial end markets across North America. Its portfolio spans 11 core categories: heating products (furnaces, boilers, heat pumps, radiators under Granby Industries, Conforto, and ECR International brands); LPG/NGL storage and transportation equipment (bulk storage tanks up to 125,000 USWG, transport trailers, bob-tails); anhydrous ammonia (NH3) storage and transportation for fertilizer distributors; industrial compressed gas vessels; wellhead energy processing equipment (separators, lineheaters, treaters, pump packages); refined fuel storage in steel and fiberglass; non-pressure tank trailers; water and chemical storage; oil/water filtration and grease interceptors; oil and gas well servicing (fluid management, flowback testing, service rigs); and back-up power generation systems (load banks and fuel supply systems). The company manufactures through more than 25 subsidiary brands including Heil Trailer, Polar Tank, EnTrans, Highland Tank, Advance Engineered Products, Tankcon FRP, LBT, KBK Industries, Maxfield, Propar, and Mississippi Tank Company, with manufacturing and service facilities across Canada, the United States, Mexico, and Thailand.

TerraVest generates revenue primarily through one-time B2B hardware sales of manufactured equipment to enterprise customers - national propane distributors, oil & gas producers, HVAC wholesalers and contractors, agricultural service providers, and standby power operators - using a direct sales model via its own sales force and subsidiary brand networks. Pricing is quote-based and not publicly disclosed. Revenue scaled from CA$577 million in FY2022 to CA$1.371 billion in FY2025, with FY2025 gross profit of CA$381 million and EBITDA of CA$292 million, reflecting a roughly 50% YoY top-line increase driven largely by acquisitions.

The company's growth strategy is acquisition-led, with more than ten closed or announced deals since 2022, including the landmark EnTrans International acquisition (US$546 million plus up to US$46 million earn-out, approximately 7.0x trailing twelve-month EBITDA) in March 2025 and KBK Industries (US$90 million, approximately 5.6x EBITDA) in January 2026. Two post-IPO bought-deal equity offerings totaling approximately CA$386 million (CA$65 million in May 2024 and CA$321 million upsized in May 2025) funded debt repayment and continued M&A. In June 2026, Quebec's Autorité des Marchés Financiers obtained a search warrant alleging Executive Chairman Charles Pellerin tipped family and acquaintances ahead of the EnTrans announcement, triggering a 30-31.6% share price decline and multiple securities class action investigations.

Name

Terravest Industries

Legal name

TerraVest Industries Inc.

Website

https://terravestindustries.com/

Company type

Public

Founded year

2004

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

TerraVest Industries is a Canadian publicly traded diversified industrial manufacturer producing steel and fiberglass heating, propane/NGL/NH3 storage and transport, energy processing, and tank trailer equipment for enterprise customers across North America through more than 25 subsidiary brands.

Ownership category

akta.pro rank

Headquarters

HQ city

Vegreville

HQ country

Canada

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Personnel, Supply Chain, Operations, Infrastructure, Marketing or Sales, Technology or R&D

Revenue model

1. Equipment Manufacturing Sales: One-time hardware sales of manufactured equipment including tanks, trailers, heating products, and industrial processing equipment sold directly to B2B customers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels2 records

Core offering

TerraVest Industries is a North American manufacturer of home heating products, propane/NH3/NGL transport vehicles and storage vessels, energy processing equipment, fiberglass storage tanks, and commercial fuel tanks. It operates a platform of niche industrial manufacturing brands serving energy distribution, HVAC, oil & gas, agricultural, and infrastructure markets across Canada, the US, and Mexico.

Product overview

TerraVest Industries is a diversified industrial manufacturing company operating as a platform of niche manufacturing businesses serving energy, infrastructure, and industrial markets across North America. The company manufactures steel and fiberglass products through multiple divisions and acquired brands. Its core product categories include: (1) Heating Products (furnaces, boilers, heat pumps, radiators under Conforto, Granby Industries, ECR International brands); (2) LPG/NGL Storage and Transportation (bulk storage tanks, transport trailers, bob-tails under Maxfield, Propar, Signature Truck Systems, TerraVest Tanks, Highland Tank, EnTrans brands); (3) NH3 Storage and Transportation (fertilizer equipment); (4) Industrial Gas Storage and Transportation (compressed gas equipment under Superior Pressure Vessels brand); (5) Energy Processing (wellhead equipment, separators, lineheaters under NWP, RJV, SegreTech, Argo Sales brands); (6) Refined Fuel Storage (steel and fiberglass fuel tanks under Highland Tank, Composites USA, KBK brands); (7) Non-Pressure Tank Transportation (tank trailers under Advance Engineered Products, EnTrans, LBT, Tankcon FRP brands); (8) Water and Chemical Storage (fiberglass and steel tanks); (9) Oil and Gas Well Servicing (fluid management, Diamond Energy Services, Fraction Energy, Aureus, Colter brands); (10) Back-up Power Generation (Simplex load banks and fuel systems); and (11) Custom Industrial Equipment and Filtration/Grease Interceptors. The company has grown significantly through acquisitions including Highland Tank (2023), Advance Engineered Products (2024), EnTrans International, Tankcon FRP, Simplex, LBT (all 2025), and KBK Industries (2026).

Differentiator

Problem solved

Functional benefit

Brands

• Stimulate Energy: Energy services brand
• Superior Pressure Vessels
• Tankcon
• TerraVest Parts and Supply
• TerraVest Tanks
• Advance Engineered Products
• Argo Sales
• Aureus Energy
• Colter Energy
• Composites USA
• Diamond Energy Services
• EnTrans International
• Envirovault
• Fraction Energy Services
• Granby Composites
• Granby Industries
• Green Energy Services
• Heil Trailer
• Highland Tank
• Jet Peinture
• KBK Industries
• LBT
• Maxfield
• Mississippi Tank Company
• Polar Tank
• Propar
• RJV Gas Field Services
• SegreTech
• Signature Truck Systems
• Simplex

Products and services

• Heating Products Residential and commercial heating equipment including furnaces, boilers, radiators, heat pumps, and accessories sold primarily to North American wholesalers supplying the residential HVAC industry.
• LPG/NGL Storage and Transportation Equipment Full suite of storage and distribution equipment for propane (LPG) and natural gas liquids (NGL) markets, including bulk storage tanks up to 125,000 USWG, B-trains, bulk transport trailers, delivery trucks (bob-tails), and domestic tanks.
• NH3 Storage and Transportation Equipment Complete suite of anhydrous ammonia (NH3) storage and transportation equipment including bulk storage plant installations, bulk storage tanks up to 125,000 USWG, bulk transport trailers, and nurse wagons for fertilizer distributors.
• Industrial Gas Storage and Transportation Equipment Equipment for industrial gas storage and transportation including bulk storage vessels, vacuum insulated transport trailers, conventionally insulated transport trailers, and custom fabricated equipment for industrial gas distributors and fracking companies.
• Energy Processing Equipment Wellhead processing equipment and desanding equipment for high pressure wells serving major oil & gas producers in Canada and the US, including separators, lineheaters, treaters, pump packages, and specialized process tanks.
• Refined Fuel Storage Tanks Commercial fuel tanks in steel and fiberglass for oil & lubricant containment, commercial refined fuel storage, and agricultural fuel storage.
• Non-Pressure Tank Transportation Trailers Non-pressure tank trailers for petroleum, crude, aircraft refuellers, water, milk, chemical, and ag products manufactured from aluminum, stainless steel alloy, and fiberglass in various configurations including tridem, semi trailers, B-trains, and pups.
• Filtration and Grease Interceptors Oil/water and oil/sand separators and advanced hydrocarbon filtration systems designed to remove oil, sand, grit, grease, and petroleum products from wastewater discharges, plus grease interceptors for food service facilities.
• Custom Industrial Equipment Custom pressure vessels and ancillary industrial equipment for Power Generation, Petrochemical, and Mining end-markets.
• Oil and Gas Well Servicing Equipment and Services Fluid management and environmental solutions supporting upstream and midstream O&G operations including high-volume water transfer, fluid hauling, modular containment systems, and heating services using superheaters and boilers.
• Back-up Power Generation Equipment Engineered fuel supply systems, thermal energy storage tanks, and power control equipment supporting back-up power generation for mission-critical facilities including emergency generators.
• Water and Chemical Storage Tanks Fiberglass water storage solutions for fire suppression, water parks, bioreactors, and steel storage tanks for chemical storage and processing in various industries including acids, alkalies, bleaches, oils, and solvents.

Named customers4 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators3 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Wabash National Corporation: US-listed manufacturer of tank trailers, transportation equipment, and specialized industrial products. Directly comparable as a North American tank trailer platform serving similar petroleum, chemical, and food-grade end-markets, with overlapping trailer and tank trailer product categories that compete with EnTrans and Advance Engineered Products.
• MAC Trailer: Privately held North American manufacturer of aluminum tank trailers, dump trailers, and flatbeds. Competes directly with TerraVest's EnTrans, Heil, LBT, and Advance Engineered Products brands in the non-pressure tank trailer category.
• Worthington Industries: US-based manufacturer of pressure cylinders, propane tanks, steel processing, and sustainable energy solutions. Direct overlap with TerraVest's LPG/NGL storage, propane tank, and pressure vessel product lines serving similar customers in energy distribution and industrial gas markets.
• Enerflex Ltd. Canadian-headquartered provider of natural gas processing, compression, and energy infrastructure equipment serving North American and international oil & gas markets. Closely comparable to TerraVest's Energy Processing and Compressed Gas Equipment divisions in customer base, product mix, and North American field service model.
• Heil Trailer International (Standalone Comparable): International manufacturer of tank trailers (now part of EnTrans within TerraVest). A leading global tank trailer brand with overlapping product portfolio in liquid and dry bulk transport, serving oil & gas, chemical, and food-grade customers.
• Manchester Tank: Manufacturer of steel and aluminum propane tanks, LPG cylinders, and specialty pressure vessels serving propane distributors, HVAC, and industrial gas customers in North America. Highly comparable to TerraVest Tanks, Propar, and Mississippi Tank Company product offerings.
• Polar Tank (Trailer Division, Standalone Comparable): North American manufacturer of liquid tank trailers (now part of EnTrans within TerraVest). Historically a standalone competitor to LBT, Advance Engineered Products, and other TerraVest tank trailer brands in the petroleum, chemical, and food-grade trailer markets.
• Beall Trailers: North American manufacturer of petroleum and dry bulk tank trailers, truck tanks, and related transportation equipment. Direct competitor to TerraVest's tank trailer brands (EnTrans, LBT, Tankcon, Advance Engineered Products) across petroleum, chemical, and crude transport.
• Stallion Trailers: Privately held manufacturer of petroleum tank trailers, frac tanks, and oilfield transportation equipment serving North American oil & gas customers. Comparable to TerraVest's non-pressure tank trailer and oilfield equipment product lines (NWP, SegreTech, Envirovault).

Broad incumbents

• Lennox International: Global leader in residential and commercial HVAC, refrigeration, and heating solutions. Comparable to TerraVest's HVAC and Heating Products division (Granby Industries, ECR International brands), though Lennox operates at much larger scale and broader geographic footprint.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/terravest-income-fund

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles14 records

Subsidiaries15 records

Funding overview

Funding rounds3 records

Investors3 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A16 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Terravest Industries