GFL Environmental Inc. announces $5.125 Billion recapitalization with new investors led by BC Partners and their partner OTPP

TORONTO, April 22, 2018 /PRNewswire/ -- 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 recapitalize GFL Environmental Holdings Inc. The transaction implies a total GFL enterprise value of approximately $5.125 billion, making GFL one of the largest environmental services companies in North America.

In connection with the transaction, Patrick Dovigi, Founder and CEO, will maintain his role and leadership of GFL, as well as significant ownership in the Company, while the investors will acquire the interests of current partners including funds managed or associated with HPS Investment Partners, Macquarie Infrastructure Partners III and Hawthorn Equity Partners.

GFL is one of the fastest growing North American providers of diversified environmental solutions. It provides services in solid waste management, liquid waste management and infrastructure management. Through its network of more than 140 facilities across Canada and in Michigan, GFL provides cost-effective waste management solutions that encourage greater environmental responsibility. GFL's team of more than 5,000 employees provides local services to more than 2.5 million households under municipal contracts and to more than 60,000 industrial, commercial and institutional customers.

Mr. Dovigi, on behalf of GFL, 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."  

Mr. Dovigi added, "BC Partners and Ontario Teachers' tick all the boxes for us at GFL.  Having founded the company, it was very important to me to find partners that shared the same principles, values and vision, along with having significant capital to fund our ambitious growth plans. I would like to thank HPS Investment Partners, Macquarie Infrastructure Partners and Hawthorn Equity Partners for their support of GFL during the past years."