GFL Environmental has secured recapitalization of $5.125bn from new investors including BC Partners and Ontario Teachers' Pension Plan (OTPP).
With an enterprise value of approximately $5.125bn, the recapitalization will GFL as one of the largest environmental services companies in North America.
Founded in 2007, GFL Environmental is an Ontario, Canada-based company which offers environmental services to households under municipal contracts, commercial, industrial and institutional customers.
Its services include solid waste management, liquid waste management and infrastructure management. Through its network of more than 140 facilities across Canada and in Michigan, the company offers waste management solutions.
The company operates with a workforce of 5,000 employees and offers local services to more than 2.5 million households under municipal contracts and to more than 60,000 industrial, commercial and institutional customers.
GFL Environmental founder and CEO Patrick Dovigi said: “Today is a very important milestone for the next phase of growth of GFL. From our humble beginnings in 2007 with eight employees to having now grown to a workforce of over 5,000 in both Canada and the United States, the last 10 years have been nothing short of remarkable.
“The signing of this transaction reflects the hard work and dedication of each and every one of our employees whose tireless efforts make GFL what it is today. Without them, our continued success would not be possible.”
In connection with the transaction, Patrick Dovigi, founder and CEO, will maintain his role and leadership of GFL. Dovigi will also hold a significant ownership in the company.
BC Partners senior partner Paolo Notarnicola said: “BC Partners is excited to be partnering with Patrick and his high quality management team. Our goal is to provide the capital and strategic support necessary for the continuation of their remarkable growth story.”
This transaction is expected to close by this June end.