GFL Environmental Inc has agreed to acquire Canada Fibers Ltd, a Toronto-based operator of facilities for the recovery and processing of recyclable materials.
Terms weren’t released for the deal, which is expected to close in Q3 2019.
Established in 1990, Canada Fibers provides its services primarily to Ontario municipalities and institutional, commercial and industrial customers.
GFL, a Toronto-based waste management company, said the acquisition will create new opportunities to provide integrated collection, sorting, processing and marketing of recyclable materials.
Last year, GFL was recapitalized by an investor group led by BC Partners, Ontario Teachers’ Pension Plan (OTPP) and others. The transaction valued the business at $5.1 billion.
GFL to Acquire Canada Fibers
VAUGHAN, ON, July 5, 2019 /CNW/ – GFL Environmental Inc. (“GFL”) announced today that it has entered into a definitive agreement to acquire Canada Fibers Ltd. and its affiliates (“Canada Fibers”). The transaction, which is expected to close in the third quarter of 2019, is subject to customary regulatory approvals.
Based in Toronto, Canada, Canada Fibers has been a leading operator of material recovery facilities for the recovery and processing of recyclable materials for more than 28 years. Canada Fibers provides recycling processing services to municipalities across Ontario, including the City of Toronto through its technologically advanced single stream Arrow Road facility in Toronto, and to its institutional, commercial and industrial customers. Canada Fibers has also been awarded the contract to design, build and operate an advanced single-stream material recovery facility in Winnipeg, Manitoba, which will commence operations in the fourth quarter of 2019.
“Given the current state of commodity markets, we believe that now is the right time for GFL to acquire Canada Fibers, with its long established relationships with recyclable material buyers and its expertise in operating single stream material recovery facilities,” said Patrick Dovigi, GFL’s Founder and Chief Executive Officer. “The addition of Canada Fibers’ operations to GFL’s existing collection networks will create new opportunities to provide integrated collection, sorting, processing and marketing of recyclable materials. Canada Fibers is led by an experienced management team including Joe Miranda, who has over 40 years of industry experience, and we are excited to have Joe and the employees of Canada Fibers join the GFL team.”
About GFL Environmental Inc.
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 20 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: Patrick Dovigi, Founder and Chief Executive Officer, +1 416 673 9385, firstname.lastname@example.org