GFL Environmental has acquired Sprint Waste Services, a network of solid waste assets across 14 sites in Texas and two sites in Louisiana. No financial terms were disclosed. Vaughan, Ontario-based GFL, an environmental services company, is backed by BC Partners, Ontario Teachers’ Pension Plan and HPS Investment Partners.
VAUGHAN, ON, May 2, 2022 /CNW/ – GFL Environmental Inc. (NYSE: GFL) (TSX: GFL) (“GFL”, “we”, “our” or the “Company”), a leading North American diversified environmental services company, today announced the acquisition of Sprint Waste Services (“Sprint Waste”), a vertically integrated network of solid waste assets across 14 sites in Texas and two sites in Louisiana, including two C&D landfills in the Greater Houston Area. The Sprint Waste assets are supported by a fleet of over 400 vehicles and more than 500 employees.
“We continue to demonstrate our ability to successfully execute on our growth strategy of pursuing strategic and accretive acquisitions,” said Patrick Dovigi, Founder and Chief Executive Officer of GFL. “The acquisition of Sprint Waste provides us with a unique opportunity to acquire a vertically integrated, complementary set of assets, while further densifying our solid waste footprint within the Southern United States. We are excited to welcome the over 500 Sprint Waste employees to the GFL family.”
Mr. Dovigi added, “Sprint Waste has operated a regional platform with industry-leading margins for over 15 years under the ownership of Joseph Swinbank and his family. We are excited that Joe and his sons, Will and Reagan Swinbank, will continue to support the business going forward as both consultants and shareholders of GFL.”
Mr. Dovigi continued, “In addition to the acquisition of Sprint Waste, since the start of the year we have completed 20 acquisitions across multiple geographies, the majority of which were small tuck-in acquisitions, further densifying our footprint. Together, these acquisitions are expected to contribute approximately $300 million in aggregate annualized revenue.”
Mr. Dovigi concluded, “We have also remained focused on rationalizing our balance sheet to maximize the value of our asset base. Year-to-date, we received cash proceeds of approximately $91.0 million from the sale of non-core assets and $224.0 million from the spin-off of GFL Infrastructure Group to Green Infrastructure Partners. The proceeds from these divestitures will continue to be redeployed in our organic and inorganic growth initiatives.”
GFL financed the acquisitions completed year-to-date through its credit facility, the divestitures described above, cash on hand and the issuance of 3,976,434 subordinate voting shares as partial consideration for the acquisition of Sprint Waste, allowing the Company to maintain its current credit rating profile and leverage within previously stated ranges.
GFL, headquartered in Vaughan, Ontario, is the fourth largest diversified environmental services company in North America, providing a comprehensive line of solid waste management, liquid waste management and soil remediation services through its platform of facilities across Canada and in more than half of the U.S. states. Across its organization, GFL has a workforce of more than 18,000 employees.