HPS and Macquarie backed GFL acquires Smithrite Disposal and Carney’s Waste Systems

GFL Environmental Inc., a portfolio company of HPS Investment Partners, LLC and Macquarie Infrastructure Partners, has acquired Smithrite Disposal and Carney’s Waste Systems. Financial terms were not disclosed.

Smithrite and Carney’s are the premier independent solid waste service providers in British Columbia, providing solid waste, recyclable and organic food waste collection, hauling, processing and management services to municipal, commercial and industrial customers in the lower mainland, Fraser Valley, B.C. Interior and “Sea to Sky Corridor” in British Columbia.

The acquisition will complement and extend GFL’s existing solid and liquid waste operations in British Columbia. Gordon Smith, the son of the original founders of Smithrite Disposal, Ascher and Irene Smith, will remain with GFL working to integrate and continue to build the combined business.

Patrick Dovigi, GFL’s Founder and CEO said: “Smithrite’s success under the leadership of Gordon Smith has been driven by the same customer focus that has been the key to GFL’s growth. Bringing our two businesses together means that we will be able to provide even more sustainable, environmental solutions to our customers. We are confident that the common commitment of our employees to excellent customer service will make the integration of our service offerings seamless. We are excited to have Gordon and more than 300 employees of Smithrite and Carney’s join the GFL team.”

Gordon Smith, President of Smithrite and Carney’s said: “When my father and mother started the Smithrite business in 1947, they were driven by the core values of hard work and customer first that have continued to guide us for over 70 years. GFL shares these values. Joining the GFL team will increase our ability to support the communities and customers we serve and provide more opportunities for Smithrite and Carney’s employees.”

Smithrite Disposal and Carney’s Waste Systems is GFL’s third acquisition this year.

photo credit: Carney’s Waste Systems

Ted Liu

Ted Liu, M.Sc. (Mining), MBA (Finance), is the Editor of Private Capital Journal and CanadaMetals.ca, and former Editor of Canadian Private Equity. Ted has been passionately tracking Canadian private capital industry since 1992, most recently served as Research Director for The Canadian Venture Capital and Private Equity Association (CVCA). Ted was the architect of CVCA infobase, and is the architect of CPE Media's Financings.ca, the most sophisticated and advanced all private capital and public market financing database.