GFL looks to expand U.S. footprint with Waste Industries acquisition
Toronto-based GFL Environmental Inc. has signed a deal to buy Waste Industries in an agreement that values the U.S. company at about $3.65 billion.
The deal will more than double GFL's footprint in the United States.
"Waste Industries strongly complements GFL's brand with an over 47 year history of providing excellent customer service to its local communities and has a management team with a proven track record of harnessing technology, processes and systems to drive operating efficiencies," GFL chief executive Patrick Dovigi said in a statement.
Waste Industries provides non-hazardous solid waste collection, transfer, recycling and disposal services in the southeastern United States.
It has more than 2,850 employees and operations in North Carolina, South Carolina, Georgia, Colorado, Tennessee, Virginia, Maryland, Pennsylvania and Delaware.
Dovigi will remain chief executive of the combined company, while Ven Poole, chairman and chief executive of Waste Industries, will become a senior vice-president.
"These companies complement each other in multiple ways and the management teams share a similar culture oriented around exceptional customer service, operational excellence and our commitment to making a difference in the communities we serve," Poole said in a statement.
GFL also announced that Luke Pelosi has been appointed as chief financial officer to replace David Bacon. Pelosi joined GFL in January 2015 and has been chief operating officer since January.
Greg Yorston, chief operating officer at Waste Industries, will become chief operating officer for all of GFL's solid waste operations in Canada and the United States.
The combined company, which will have more than 8,850 employees, will operate 98 collection operations, 59 transfer stations, 29 material recovery facilities, 10 organics facilities and 47 landfills.
GFL, which is privately owned, has operations across Canada and in Michigan.
Its principal shareholders include BC Partners and the Ontario Teachers' Pension Plan.