Canadian waste management company GFL Environmental Inc said on Sunday a group of investors led by U.K.-based BC Partners, Ontario Teachers’ Pension Plan and others will provide new funding, giving GFL an enterprise value of $5.13 billion.
GFL, whose ‘Green for Life’ slogan is seen across major Canadian cities, said its current Chief Executive Patrick Dovigi will remain in the role.
Dovigi will also maintain his ownership in the company, while the new investors will acquire the interests of current partners including funds managed or associated with U.S.-based HPS Investment Partners, Australia’s Macquarie Infrastructure Partners III and Canada’s Hawthorn Equity Partners.
“BC Partners and Ontario Teachers’ tick all the boxes for us at GFL,” Dovigi said in a statement.
Reuters reported in November that GFL was seeking to raise as much as $1 billion (US$783.9 million) in an initial public offering.
RBC Capital Markets, CIBC World Markets Inc, Goldman Sachs & Co LLC, BMO Capital Markets and Barclays Capital Canada acted as financial adviser to GFL on the recapitalization deal.
Scotiabank acted as financial adviser to BC Partners in Canada with Citigroup Global Markets Inc in the United States. Citi also provided committed financing for the transaction.
Update: Founded in 2007, Toronto-based GFL is a diversified environmental services company providing a line of solid waste, infrastructure and soil remediation, and liquid waste management services through its platform of facilities across Canada and in Michigan.
The company provides its environmental services to more than 60,000 commercial and industrial customers and its solid waste collection services to more than 2.5 million households.
PE Hub Canada wrote about GFL in 2016, when it acquired solid waste business Matrec Services for $800 million.
(Reporting by Philip George in Bengaluru; Editing by Gopakumar Warrier)
(This story has been edited by Kirk Falconer, editor of PE Hub Canada)
Photo courtesy of GFL Environmental Inc