Toromont Industries

What Toromont Industries does

Toromont Industries Ltd. (TSX: TIH) is a Canadian diversified industrial company founded in 1961 and headquartered in Concord, Ontario, operating through two reportable segments: the Equipment Group and CIMCO. The Equipment Group is anchored by Toromont Cat, one of the world's largest Caterpillar dealers covering seven Canadian provinces and one territory plus the MaK marine territory for the northeastern United States, supplemented by Battlefield Equipment Rentals (70+ stores), Jobsite Industrial Rental Services, Toromont Material Handling, Toromont Energy (power plants), SITECH Mid-Canada (Trimble/Cat AccuGrade dealer), Toromont Remanufacturing (five facilities), and the recently acquired AVL Manufacturing (specialized power generation enclosures). CIMCO provides industrial and recreational refrigeration, heat pumps, and thermal management solutions across North America with a leading position in natural refrigerant (CO2, ammonia) systems. The company serves construction, mining, power generation, data center, food & beverage, municipal, healthcare, marine, and industrial end-markets.

The company generates revenue through equipment distribution (new and used Caterpillar machines), equipment rentals (Battlefield, Jobsite, power systems), product support (parts, service, remanufacturing — 42.2% of FY2025 revenue at CAD $2.1B), power generation systems and enclosures (including ~CAD$1B in firm orders for 2027 delivery to data centers), and thermal management solutions. Go-to-market is decentralized through branded business units with field sales forces serving enterprise customers across Canada and parts of the US, supplemented by e-commerce and online auctions. Telematics-driven remote monitoring covers 88% of eligible Toromont Cat units, and product support is delivered through five remanufacturing facilities and 165+ locations across North America.

FY2025 revenue was CAD $5.2B with net earnings of CAD $496.6M; the company operates with a net cash position, 16.9% ROE (20.3% five-year average), and 25.7% ROCE. Backlog of CAD $1.5B is up 46% year-over-year. The company employs ~7,900 people (over 47% service technicians) and has paid dividends for 37 consecutive years.

Name

Toromont Industries

Legal name

Toromont Industries Ltd.

Website

https://toromont.com

Company type

Public

Founded year

1961

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

Toromont Industries (TSX: TIH) is a Canadian diversified industrial company and one of the world's largest Caterpillar dealers, supplying construction, mining, and power generation equipment, rentals, parts, service, and thermal management solutions across Eastern Canada and parts of the US.

Ownership category

akta.pro rank

Product category

Industrial Equipment Distribution and Manufacturing

NAICS

Engine, Turbine, and Power Transmission Equipment Manufacturing (33361), Motor and Generator Manufacturing (335312), Electric Power Generation, Transmission and Distribution (2211), Plumbing and Heating Equipment and Supplies (Hydronics) Merchant Wholesalers (423720)

SIC

Wholesale-Construction & Mining (No Petro) Machinery & Equip (5082), Engines & Turbines (3510), Motors & Generators (3621), Wholesale-Industrial Machinery & Equipment (5084)

akta.pro primary industry

Mobile Power, Electrification & Energy Systems (Generators, Substations, Battery/Hydrogen, Trolley Assist) (IMAKANAJ)

akta.pro secondary industries

Industrial Power & Energy Equipment Rental/Leasing (Generators, Light Towers, Compressors) (TLABAFAG), Workshop Tools, Equipment & Lift Systems Distribution (TLAKAOAM)

Keywords

• Construction equipment distribution
• Power generation systems
• Equipment rental services
• Thermal management solutions
• Remanufacturing services

Headquarters

HQ city

Concord

HQ country

Canada

HQ region

North America

Offices9 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 Distribution (New/Used): Sale of new and used specialized mobile and stationary equipment including Caterpillar machines for construction, mining, aggregates, public infrastructure, residential construction, forestry, and industrial applications. Revenue of $5.2B total (2025).
2. Equipment Rentals: Rental revenue from Battlefield Equipment Rentals (70+ stores), Jobsite Industrial Rental Services (15 locations), and specialized rental of cooling/heating equipment. Growing customer propensity to rent as an economical alternative to ownership.
3. Product Support (Parts & Service): Parts replacement, factory-specified maintenance, field service, and rebuilds. Delivered 42.2% of total revenue in 2025 ($2.1B from product support). Remote monitoring supports approximately 88% of eligible units in Toromont Cat's installed base.
4. Power Generation Systems: Toromont Power Systems and Toromont Energy provide prime and backup generators, load management systems, specialized controls, switch gear, propulsion engines, and complete power plants. Firm orders of ~CAD$1B received for 2027 delivery. Three owned power plants plus four operated.
5. Power Generation Enclosures (AVL): Design and fabrication of specialized enclosures hosting power generation equipment for data centers and industrial applications. Contributed $254.7M revenue in 2025 (partial year). Manufacturing in Hamilton, Ontario and Charlotte, North Carolina.
6. Thermal Management (CIMCO): Industrial and recreational refrigeration equipment, heat pump systems, and after-sales service. Serves ice rinks, food/beverage facilities, district energy systems, pharmaceutical and specialty manufacturing. 87% of 2025 capital project bookings use natural refrigerants.

Go-to-market motion2 records

Distribution channels9 records

Marketing channels8 records

Core offering

Toromont Industries distributes, rents and services specialized Caterpillar heavy equipment, power generation systems, material handling machinery and refrigeration/thermal management equipment for construction, mining, power generation, data centre, industrial and recreational customers across Eastern Canada and parts of the Northeastern United States. It operates through the Equipment Group (Toromont Cat dealership, Battlefield Equipment Rentals, Toromont Energy, Toromont Material Handling, Jobsite Industrial Rental Services, SITECH Mid-Canada, Toromont Remanufacturing and AVL Manufacturing) and the CIMCO segment for industrial and recreational refrigeration and heat-pump solutions. Revenue is generated from new/used equipment sales, equipment rentals, parts and service (product support), power generation systems and enclosures, and thermal management equipment.

Product overview

Toromont Industries operates through two segments: the Equipment Group and CIMCO. The Equipment Group comprises seven businesses—Toromont Cat (Caterpillar dealer), Toromont Energy (power plants), Battlefield Equipment Rentals (equipment rental), SITECH Mid-Canada (machine control technology dealer), Jobsite Industrial Rental Services (tool crib rentals), Toromont Material Handling (lift trucks and warehouse equipment), and Toromont Remanufacturing—serving mining, construction, power generation, and industrial sectors across Eastern Canada. The CIMCO segment provides thermal management solutions including refrigeration equipment, ECO CHILL and Thermal Force One systems for ice rinks, food/beverage facilities, and industrial applications. In 2025, Toromont acquired 60% of AVL Manufacturing, a specialist in power generation enclosures for data centers. The company generates revenue through equipment sales, rentals, and product support (parts, service, and remanufacturing) which delivered 42.2% of total revenue in 2025.

Differentiator

Problem solved

Functional benefit

Brands

• AVL Manufacturing: A leader in the design and construction of specialized enclosures that host power generation equipment used in data centres and other industries. Manufactures enclosures in Hamilton, Ontario and Charlotte, North Carolina.
• Toromont Remanufacturing
• ECO CHILL
• Thermal Force One
• Smart Transfer

Products and services

• Toromont Cat

Quantifiable outcome

• Product support delivered 42.2% of total revenue ($2.1B) in 2025
• +6 more outcomes

Named customers9 records

Segments5 records

Ideal customer profiles5 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability4 records

Feature6 records

Partnerships

Four partnerships are on record, tiered core, flagship and minor.

• EverllencecoreStrategic or Co-development Partner · 1 January 2025CIMCO formed strategic partnership with Everllence, a global leader in industrial decarbonization technologies. Alliance began with CIMCO delivering its Smart Transfer system to Vicinty project in Boston where Everllence provides a 35-megawatt industrial-scale steam heat pump to harness thermal energy from the Charles River.
• Caterpillar Inc.flagshipStrategic or Co-development PartnerToromont is one of the world's largest Caterpillar dealers, representing Caterpillar equipment across seven Canadian provinces and one territory. The partnership provides access to innovative equipment technologies, competitive advantage, strength and discipline. Caterpillar relationship enables access to autonomous, hybrid and alternative energy equipment development. AVL Manufacturing sells specialized enclosures to other Caterpillar dealers across the eastern seaboard.
• TrimblecoreChannel Partner/ Reseller/ DistributorSITECH Mid-Canada operates as a Trimble dealer specializing in machine control, site positioning and asset management technologies with professional support services.
• Princess Margaret Cancer FoundationminorOthersToromont supports the Princess Margaret Cancer Foundation through corporate donations, bringing innovative treatments and care to patients across Canada and around the world.

Scale indicators16 records

Recent moves14 records

Expansion highlights5 records

Direct peers

• Finning International: Canadian Caterpillar dealer (Western Canada, UK, Ireland, South America) - directly comparable as the other major Cat dealer in Canada, competing for talent, customers, and OEM relationship dynamics. Similar product support / equipment distribution / power systems model.
• Wajax Corporation: Canadian industrial equipment distributor selling construction, material handling, and power generation equipment across Canada. Comparable product mix including Cat-adjacent product lines (Hyster, JCB), power systems, and parts/service revenue model.
• Brandt Tractor: Privately held Canadian Caterpillar dealer specializing in construction and forestry equipment. Comparable Caterpillar dealer economics, product support emphasis, and remanufacturing capabilities with focus on Western Canada and niche forestry segments.

Broad incumbents

• Caterpillar Inc. The OEM whose equipment Toromont distributes. Indirect exposure as dealer economics depend on Caterpillar's product strategy, pricing, and direct sales decisions. Reference point for industry dynamics but not a direct competitor.
• United Rentals: Largest equipment rental company in the world with overlap to Battlefield Equipment Rentals (70+ stores) and Jobsite Industrial Rental Services. Broader portfolio (general tool, aerial, specialty) and US-centric, but directly competes for rental share.
• Herc Rentals: North American equipment rental company (formerly H&E Equipment Services). Comparable equipment rental offering including aerial, material handling, and industrial fleet. Broader geographic reach but less specialized in Caterpillar equipment.
• Sunbelt Rentals: Major North American equipment rental provider (owned by Ashtead Group). Comparable industrial and construction rental fleet with extensive branch network. Competes with Battlefield in broader equipment rental market though not in Cat-specific niche.
• Cummins Inc. Global manufacturer of engines, generators, and power systems. Comparable in generator and power island product lines and competes in data center backup power market that AVL serves with Caterpillar-based enclosures.
• Generac Holdings: Leading manufacturer of backup power generators and energy storage systems. Comparable generator product line serving data center, commercial, and industrial backup power markets that align with Toromont Power Systems / AVL offerings.

Regional players

• Enerflex Ltd. Former Toromont subsidiary spun off in 2011 (TSX: EFX), providing natural gas processing and power generation infrastructure. Comparable in power plant construction/operation and modular energy systems but focused on oil & gas versus Toromont's broader industrial/data center mix.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/toromont-industries-ltd

Revenue estimate

Valuation estimate

Number of profiles

Profiles21 records

Subsidiaries9 records

Funding overview

Funding rounds1 record

Investors

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

M&A3 records

Investments

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

Frequently asked questions about Toromont Industries