GFL Environmental Inc. files for IPO, seeks to raise $1.5 billion

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Written by Abimbola Badejo, Staff Reporter

GFL Environmental Inc., a Toronto-based environmental services company specializing in solid and liquid waste management, hazardous and special wastes management and infrastructural services, has been rapidly growing its base since 2007 by acquiring environmental solution firms across Canada and abroad; and building its employee and customer base across North America.

With giant shareholders such as BC Partners and Ontario’s Teachers Pension plan, the privately-owned company is planning to recapitalize by releasing about $1.5 billion (USD) in an Initial Public Offering (IPO) and fund the company’s future growth. According to the filing, the company will be listed on the Toronto Stock Exchange starting in September. This move by the company will value GFL Environmental Inc. at about 15 billion US dollars.

GFL has facilities across Canada and in 23 U.S. states, serving 4 million homes. The company, which has more than 9,500 employees and 135,000 business customers, provides services including solid-waste hauling, soil remediation and liquid-waste management.

Even though the number of shares offered, and price range have not been determined, the IPO is already planned to be underwritten by financial houses which include Royal Bank of Canada, Goldman Sachs Group Inc., JP Morgan Chase & Co., Bank of Montreal and Bank of Nova Scotia.

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