• Region: North America
  • Sector: Industrials & Business Services
  • Investment Year: 2018
  • Transaction Value: CAD 5,136.4m


Largest privately-held and overall no.4 Environmental Services company in North America.

BCEC X invested in GFL Environmental Inc. in May 2018.

GFL Environmental Inc. is a leading North American provider of diversified environmental solutions. GFL is the only major diversified environmental services company in North America offering services in solid waste management, liquid waste management and infrastructure development.

GFL operates across Canada and in 20 states in the United States, with over 9,000 employees providing local service to approximately 4 million households under municipal contracts, and more than 135,000 industrial, commercial and institutional customers.

Investment Thesis

  • Uniquely positioned to win in an attractive market: Operates in a highly stable, predictable environmental service market which has delivered consistent growth. Sticky long term contracts, high barriers to entry, and significant scale advantages; vertical integration of strategic assets protects profitability relative to disposal costs.
  • Diversified business model: Diversified geographically and across waste management value chain, with no customer account concentration. Diversification has increased as a result of continued tuck‐in acquisitions.
  • Meaningful consolidation opportunity: Strong runway to continue accretive acquisitions across highly fragmented market base. Completed transformative Waste Industries (WI) transaction to create the 4th largest environmental solutions business in North America, and continues to undertake accretive tuck-in acquisitions. The acquisition pipeline remains strong in Canada and the USA.
  • Operational value creation: Significant value creation opportunities, specifically in the areas of pricing, procurement, and organisational efficiency with a Value Creation Roadmap (VCR) in place and synergies realisation on track, with potential upside.
  • Exceptional entrepreneurial management team: Committed, ambitious, dynamic management team led by exceptional entrepreneur and with deep bench of industry experience and supported by a strong team from both WI and GFL.
  • Exit optionality and upside: Company remains attractive to either IPO, exit to financial buyers, or sell to a strategic. Comparable companies continue to trade at attractive multiples.

Company News

19 February 2021

Congratulations to GFL Environmental for its recognition by the SEAL Business Sustainability Awards for their commitment to sustainability.

We are excited to partner with a company that places such a heavy emphasis on environmental solutions and whose hard work and dedication have made this possible.

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03 March 2020

GFL Environmental Inc. Prices US$2.2 Billion IPO and Concurrent Offering of Tangible Equity Units

TORONTO, March 3, 2020 /CNW/ - GFL Environmental Inc. ("GFL") announced the pricing of its initial public offering of 75,000,000 subordinate voting shares, which includes 1,638,158 subordinate voting shares to be sold by a selling shareholder, at a price to the public of US$19.00 (or C$25.33) per share and its concurrent offering of 15,500,000 of its 6.00% tangible equity units ("Units"), with a stated amount of US$50.00 (or C$66.67) per Unit.

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10 October 2018

GFL Environmental and Waste Industries announce Merger Creating Leading Environmental Services Company in North America

TORONTO, Canada and RALEIGH, North Carolina — October 10, 2018 — GFL Environmental Inc. (“GFL”) and Waste Industries announced today that they have entered into a definitive merger agreement in a transaction

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22 April 2018

GFL Environmental Inc. Announces $5.125 Billion Recapitalization with New Investors led by BC Partners and OTPP

GFL Environmental Inc. (“GFL” or the “Company”) and investors led by BC Partners (“BC Partners”), including Ontario Teachers’ Pension Plan (“Ontario Teachers’”) and others, jointly announced today their agreement to reca

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Team Involved

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