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In 2023, Troy Minogue, founder of 302 Capital Partners, acquired Canadian Industrial Pumps, a value-added distributor of industrial pumps that also provides technical engineering, consulting, repair and field-service capabilities. The transaction was supported by Sage Capital Partners, Archipelago Capital Partners, Miramar Search Partners and Endurance Search Partners, among others.
Three years later, the company has been sold to HMFT Inc., marking a successful exit for its shareholders. Financial terms were not disclosed. The transaction marks the beginning of Canadian Industrial Pumps’ next phase of growth as part of a larger national strategic platform.
The acquisition expands HMFT’s pump portfolio and adds deeper expertise across mining, infrastructure, water and wastewater, oil and gas, pulp and paper, construction and agriculture. Canadian Industrial Pumps also brings a full-service repair operation capable of handling equipment ranging from small electric pumps to large diesel-driven trailer packages, strengthening HMFT’s ability to support customers throughout the equipment lifecycle.
For HMFT, the acquisition is part of a broader expansion strategy that has already included EC&M Electric, Booth Brothers and ProSpec Technologies. Those transactions have broadened its Canadian fluid-handling and industrial-services offering, while Canadian Industrial Pumps adds greater technical depth and operating coverage in British Columbia.
Industrial distribution remains fragmented, while customers increasingly favour suppliers that can combine product access with engineering, installation, repair and recurring aftermarket support. HMFT is therefore acquiring established technical expertise, manufacturer relationships and local service capabilities in British Columbia rather than building them organically.
