Toronto-based waste management company GFL Environmental Inc has filed a registration statement with the U.S. Securities and Exchange Commission and a preliminary prospectus with Canadian securities regulators for an initial public offering (IPO).
The number and price of subordinate voting shares to be sold have not been determined. The Globe and Mail reported GFL is looking to raise about $1.96 billion (US$1.5 billion).
Following the IPO, GFL will have two classes of shares: subordinate voting shares and multiple voting shares. The latter will be held by Founder and CEO Patrick Dovigi.
Last year, GFL was recapitalized by an investor group led by BC Partners (BC), Ontario Teachers’ Pension Plan (OTPP) and others. The deal valued the business at $5.1 billion.
GFL Files Registration Statement and Preliminary Prospectus For Initial Public Offering
TORONTO, July 19, 2019 /CNW/ – GFL Environmental Inc. (together with GFL Environmental Holdings Inc., “GFL”) today announced the filing of a registration statement on Form F-1 with the U.S. Securities and Exchange Commission (“SEC”) and a preliminary base PREP prospectus with the securities regulatory authorities in each of the provinces and territories of Canada (“Canadian Regulators”) for a proposed initial public offering (“IPO”) of subordinate voting shares concurrently in the United States and Canada. The number of shares to be offered and the price range for the IPO have not yet been determined.
The registration statement relating to the proposed IPO has been filed with the SEC but has not yet become effective. The preliminary base PREP prospectus contains important information relating to the subordinate voting shares and is still subject to completion or amendment. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective and a receipt for the final base PREP prospectus has been issued by the Canadian Regulators.
No securities regulatory authority has either approved or disapproved of the contents of this news release. This news release does not constitute an offer to sell or a solicitation of an offer to buy any securities of GFL, and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of that jurisdiction.
GFL, headquartered in Vaughan, Ontario, is the fourth largest diversified environmental services company in North America, providing a comprehensive line of non-hazardous solid waste management, infrastructure & soil remediation and liquid waste management services through its platform of facilities across Canada and in 23 states in the United States. Across its organization, GFL has a workforce of more than 9,500 employees and provides its broad range of environmental services to more than 135,000 commercial and industrial customers and its solid waste collection services to more than 4 million households.
For further information: please contact: Patrick Dovigi, Founder and Chief Executive Officer, +1 905-326-0101, email@example.com