The transaction will allow GFL to pursue organic growth initiatives and solid waste M&A opportunities
CLEVELAND, March 3, 2025 /PRNewswire/ — Brown Gibbons Lang & Company (BGL), a leading independent investment bank and financial advisory firm, is pleased to announce GFL Environmental Inc. (NYSE: GFL) (GFL), the fourth-largest diversified environmental services company in North America, has sold its Environmental Services business to funds managed by affiliates of Apollo (NYSE: APO) (Apollo Funds) and BC Partners (BC Funds) for an enterprise value of $8 billion. BGL’s Environmental investment banking team served as GFL’s financial advisor in the transaction.
Brown Gibbons Lang & Company (BGL), a leading independent investment bank and financial advisory firm, is pleased to announce GFL Environmental Inc. (NYSE: GFL) (GFL), the fourth-largest diversified environmental services company in North America, has sold its Environmental Services business to funds managed by affiliates of Apollo (NYSE: APO) (Apollo Funds) and BC Partners (BC Funds) for an enterprise value of $8 billion.
Headquartered in Vaughan, Ontario, GFL is the fourth largest diversified environmental services company in North America, providing solid waste management 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 15,000 employees.
GFL expects to use the proceeds from the sale to repay debt, making available up to $2.25 billion for the repurchase of GFL shares, subject to market conditions, and the balance for transaction fees and general corporate purposes. The sale allows GFL to accelerate its balance sheet deleveraging with a path to investment grade levels, deploy incremental capital across organic growth initiatives and solid waste M&A, and return of capital to shareholders through share repurchases and future dividend increases.
Pursuant to the transaction agreement, GFL will retain a 44% equity interest in the Environmental Services business, and the Apollo Funds and BC Funds will each hold a 28% equity interest.
BGL’s Environmental Services & Infrastructure investment banking team has been ranked #1 in Environmental Services transaction volume in North America since 2016, according to Pitchbook.com. Our Environmental team focuses on businesses that perform essential services to the waste processing & disposal, water & wastewater treatment, waste-to-value, and waste-to-energy markets.
All financial information is in Canadian dollars unless otherwise noted.
About Brown Gibbons Lang & Company
Brown Gibbons Lang & Company (BGL) is a leading independent investment bank and financial advisory firm focused on the global middle market. The firm advises private and public corporations and private equity groups on mergers and acquisitions, capital markets, financial restructurings, business valuations and opinions, and other strategic matters. BGL has investment banking offices in Boston, Chicago, Cleveland, Los Angeles, and New York, and real estate offices in Chicago, Cleveland, and San Antonio. The firm is also a founding member of REACH Cross-Border Mergers & Acquisitions, enabling BGL to service clients in more than 30 countries around the world. Securities transactions are conducted through Brown, Gibbons, Lang & Company Securities, LLC, an affiliate of Brown Gibbons Lang & Company LLC and a registered broker-dealer and member of FINRA and SIPC. For more information, please visit www.bglco.com.
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