HPS and Macquarie backed GFL to acquire Deep Foundations Group

GFL Environmental Inc., a portfolio company of HPS Investment Partners, LLC and Macquarie Infrastructure Partners, has agreed to acquire the parent of Deep Foundations Contractors Inc. and its subsidiary corporations (Deep Group).

The transaction expects to close in the second quarter of 2018.

Stouffville, Ontario based Deep Foundations started with a single drill rig in 1971, and has grown into the second largest fleet of premium-line drill rigs in North America.

Deep Foundations installs all types of foundation piles and excavation shoring and has delivered successful foundation projects for clients in Alberta, Saskatchewan, Manitoba, Ontario, Quebec, New Brunswick and Newfoundland, including the Children’s Hospital of Saskatchewan and the Bayview and Avenue Stations on the Eglinton Crosstown Light Rapid Transit project in Toronto.

Deep Foundations is governed by its board of directors consisting of four independent directors and five management directors. Its board is led by Chair Stuart Angus, formerly partner with Mclean Watson and also includes Martin Kent, Senior Vice President with Kensington Capital Partners.

“Built on a culture of safety first, quality workmanship and a committed employee and management team, the Deep Group will complement GFL’s existing shoring and foundation capabilities. The Deep Group and its employees bring expertise and processes that GFL expects to build upon as we move to expand the footprint of our Infrastructure & Soil Remediation division into other parts of Canada,” said Patrick Dovigi, GFL’s Founder and Chief Executive Officer. “We are excited to welcome the Deep Group and its employees to the GFL team.”

Toronto based GFL Environmental Inc. is a diversified environmental services company providing a comprehensive line of solid waste, infrastructure & soil remediation, and liquid waste management services through its platform of facilities across Canada and in Southeastern Michigan. GFL has a workforce of more than 5,000 employees and provides its broad range of environmental services to more than 80,000 commercial and industrial customers and its solid waste collection services to more than 2.5 million households.

photo credit: Accuworx