GFL Environmental Inc., a portfolio company of BC Partners, Ontario Teachers’ Pension Plan, and GIC Private, filed an amendment to its registration statement with SEC on January 7, 2020 in connection with its proposed initial public offering (IPO) of subordinate voting shares. The IPO has reportedly been pulled but never been officially withdrawn by the company.
The offering will consist of both a primary offering by GFL and a con-current secondary offering by Patrick Dovigi, founder, Chairman, President & CEO of GFL.
Concurrently with IPO, GFL is also offering, by means of a separate prospectus, Tangible Equity Units with a stated amount of US $50.00 per Unit. The Unit will be composed of two parts: a prepaid stock purchase contract and a senior amortizing note.
GFL subordinate voting shares have been approved for listing on the Toronto Stock Exchange (TSX) and the New York Stock Exchange (NYSE) under the symbol “GFL”.
In December 2019, GFL raised US $750 million in debt financing and expects to close an equity financing of approximately CDN $336 million of non-voting shares at a price of CDN $1.00 per share from its sponsors by the end of January 2020.
Effective January 1, 2020, GFL acquired County Waste of Virginia, LLC and its subsidiaries from founder Scott T. Earl and Clairvest for US $485 million.
In December 2019, GFL entered an agreement to purchase a vertically integrated solid and liquid waste management company based in Michigan for US $380 million. The Michigan acquisition is expected to close in Q1 2020.
Vaughan, Ontario based GFL is the fourth largest diversified environmental services company in North America, as measured by revenue and North American operating footprint.