GFL Environmental Inc. , headquartered in Vaughan, Ontario, and American Waste recently announced that they have entered into a definitive agreement for the acquisition by GFL of American Waste’s solid and liquid waste businesses in Michigan and Pennsylvania. The closing of the transaction is subject to customary regulatory approvals and is expected to be completed in February 2020.
GFL says in U.S. regulatory filings that the deal includes US$360 million in cash plus US$20 million in non-voting shares.
Founded in 1971 as Northern A -1, American Waste and Northern A-1 is a vertically integrated provider of environmental solutions for a broad base of solid and liquid waste customers. The current owners of American Waste, Michael and Edward Ascione, will be joining GFL and will continue to manage the American Waste businesses.
In a news release, Eddie Ascione stated; “Mike and I carefully chose to merge with GFL because of our similar lines of business, GFL’s down to earth senior management team and decentralized operations approach. We believe American and Northern A-1’s expertise in serving both our solid and liquid waste customers is a great fit with GFL’s focus on delivering comprehensive environmental solutions.”
American Waste is one of several acquisitions GFL has made in recent months, including County Waste of Virginia, AGI Group of Companies, and the Soil Safe group of companies.