Origin Merchant Partners (“Origin”) is pleased to announce that it served as the exclusive financial advisor to DRC Heat Transfer (“DRC”), a leading designer and manufacturer of custom heat transfer solutions for mission-critical power generation applications, on its announced sale to Smiths Group plc (“Smiths”), a global industrial engineering company listed on the London Stock Exchange.

DRC will join the Flex-Tek division of Smiths, enhancing its product offering and expanding its presence in high-growth data center and industrial end markets.

The transaction underscores continued market consolidation and interest from both strategic and financial investors for engineered industrial technologies serving mission-critical infrastructure markets. Demand for reliable power generation and thermal management solutions, particularly in support of data center infrastructure, continues to drive strategic M&A activity across the sector.

“Origin’s strategic insight, disciplined execution and unwavering commitment were instrumental in delivering an exceptional outcome for DRC. Their partnership throughout the process made a meaningful difference,” said Brian P. Cahill, President of DRC.

Founded in 1970, DRC is a designer and manufacturer of engineered heat transfer and cooling solutions, primarily for standby power generators used in data centers, as well as for other applications in the industrial, transit and energy markets. The Company is based in Melrose Park, Illinois.

The transaction is subject to customary approvals and is expected to be completed near the end of the first quarter.

About DRC:
Founded in 1970, DRC is a leading designer and manufacturer of engineered heat transfer and cooling solutions. The Company serves blue-chip OEM’s customers across power generation, industrial, transit and energy end markets, with particular strength in standby power systems supporting data center infrastructure. For additional information, please visit www.drcht.com.

About Smiths:
For 175 years, Smiths Group has been a pioneer of progress, engineering a better future. It’s strategy is to be focused, efficient and value creating industrial engineering company operating within markets aligned to attractive, long-term growth drivers, notably energy, industrials, construction and aerospace. Smiths focuses on solving the toughest problems for its customers, helping address critical global needs and such as the ever-increasing demand for process and energy efficiency, and decarbonization. Listed on the London Stock Exchange, Smiths is present in over 50 countries worldwide. For more, please visit www.smiths.com.

Press release:  Smiths acquires DRC Heat Transfer

Deal team: Nick Newlin, Katie Balson

Origin Merchant Partners (“Origin”) announces it acted as Exclusive Financial Advisor to ET Group, a leading Canadian workplace technology and collaboration integrator, on its acquisition by Ricoh Canada Inc., a subsidiary of Ricoh.

This  strategic acquisition accelerates Ricoh’s expansion into high‑growth digital  services, strengthens its position as a leading provider of end‑to‑end workplace  experience solutions in Canada, and reinforces its global strategy to  support an evolving workplace environment.

By integrating ET Group’s audiovisual (AV) engineering expertise and long‑standing reputation for designing, delivering and supporting enterprise-wide collaboration environments — particularly within government and other highly regulated sectors — Ricoh further enhances its ability to provide scalable, technology‑driven workplace solutions across Canada.

“Businesses today need secure, seamless, and intelligent workplaces that empower people to collaborate from anywhere,” said Meagan Moody, Country Manager, Ricoh Canada Inc. “ET Group’s proven AV expertise, innovative service model, and deep customer trust are a perfect complement to Ricoh’s digital services portfolio. Together, we can expand our impact and bring new value to organizations navigating increasingly complex workplace needs.”

The acquisition formalizes and expands the existing partnership between Ricoh and ET Group, which will operate as a wholly owned subsidiary of Ricoh Canada. This combined portfolio enables organizations to design, connect, and manage the workplace as a unified, intelligent environment.

About ET Group:
ET  Group – a division of Pistil Enterprises Ltd. – is a Toronto-based audiovisual  technology company focused on providing workplace technology solutions in North  America. Alongside its design and integration expertise, ET Group provides  top-tier service and support, as well as learning experiences to coach clients  on new hybrid work practices. For 50 years, the company has helped its clients  tackle their evolving and complex communication and collaboration challenges by  providing workplace technology solutions that support their unique needs.

About Ricoh Company Ltd:
Ricoh is a leading provider of integrated digital services and print and imaging solutions designed to support digital transformation of workplaces, workspaces and optimize business performance. Headquartered in Tokyo, Ricoh’s global operation reaches customers in approximately 200 countries and regions, supported by cultivated knowledge, technologies, and organizational capabilities nurtured over its 85-year history. In the financial year ended March 2025, Ricoh Group had worldwide sales of 2,527 billion yen (approx. 16.8 billion USD).

It is Ricoh’s mission and vision to empower individuals to find Fulfillment through Work by understanding and transforming how people work so we can unleash their potential and creativity to realize a sustainable future.

Press Release: Ricoh  acquires leading Canadian workplace technology and collaboration integrator ET  Group

Deal team: Andrew Muirhead, Tedi Gjoleka

Origin Merchant Partners (“Origin”) acted as Exclusive Financial Advisor to the Special Committee of Tornado Infrastructure Equipment Ltd. (TSX-V: TGH) on its definitive agreement to be acquired by The Toro Company (NYSE: TTC).

The transaction is subject to certain antitrust and other regulatory approvals, approval by Tornado’s security holders, and other customary closing conditions, and is currently anticipated to close during The Toro Company’s fiscal 2026 first quarter.

The Toro Company will purchase all of the outstanding shares of Tornado Infrastructure Equipment for $1.92 per share (CAD), or a fully diluted equity value of $279.3 million (CAD), and intends to finance the acquisition with debt from existing credit facilities and additional financial arrangements. The all-cash purchase price is a 4 percent premium on Tornado Infrastructure Equipment’s latest closing share price.

About Tornado Infrastructure Equipment Ltd.
Tornado is a pioneer and leader in the vacuum truck industry and has been a choice of utility and oilfield professionals with over 1,900 hydrovacs sold since 2008. The Company designs and manufactures hydrovac trucks as well as provides heavy duty truck maintenance operations in central Alberta. It sells hydrovac trucks to excavation service providers in the infrastructure and industrial construction and oil and gas markets. Hydrovac trucks use high pressure water and vacuum to safely penetrate and cut soil to expose critical infrastructure for repair and installation without damage. Hydrovac excavation methods are quickly becoming a standard in North America to safely excavate in urban areas and around critical infrastructure greatly reducing infrastructure damage and related fatalities.

About The Toro Company
The Toro Company (NYSE: TTC) is a leading global provider of solutions for the outdoor environment including turf and landscape maintenance, snow and ice management, underground utility construction, rental and specialty construction, and irrigation and outdoor lighting solutions. With net sales of $4.6 billion in fiscal 2024, The Toro Company’s global presence extends to more than 125 countries through a family of brands that includes Toro, Ditch Witch, Exmark, Spartan, BOSS, Ventrac, American Augers, Subsite, HammerHead, Radius, Perrot, Hayter, Unique Lighting Systems, Irritrol, and Lawn-Boy. Through constant innovation and caring relationships built on trust and integrity, The Toro Company and its family of brands have built a legacy of excellence by helping customers work on golf courses, sports fields, construction sites, public green spaces, commercial and residential properties and agricultural operations.

Press release: The Toro Company to Acquire Tornado Infrastructure Equipment Ltd.

Deal team: Charles Pennock, Umer Randhawa