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GFL Environmental Inc. is a leading diversified environmental services company operating across Canada and the United States. The company specializes in providing comprehensive waste management solutions, including solid waste collection, liquid waste management, and soil remediation services. With a strong operational footprint and a workforce of over 20,000 employees, GFL delivers essential services to residential, commercial, and industrial customers.
- Solid Waste Management - Provides residential, commercial, and industrial waste collection, along with landfill, transfer, and material recovery facility operations.
- Environmental Services - Offers liquid waste management and soil remediation services to address environmental challenges.
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Patrick Dovigi ExecutiveBoard | Founder, President, CEO, Chairman of the Board | Board of Directors at UHN Foundation | Founder of GFL in 2007, led the company to become the 4th largest environmental services company in North America. Recognized with several awards for entrepreneurship and leadership. | |
Edward Glavina Executive | COO, Environmental Services | None | Joined GFL in 2016, previously worked at Safety-Kleen and Metaflo Technologies, holds an MBA from Ivey School of Business. | |
Elizabeth Joy Grahek Executive | Executive VP, Strategic Initiatives | None | Joined GFL in 2011, previously General Counsel at Capital Environmental Resource Inc. and Associate General Counsel at Waste Services Inc.. | |
Luke Pelosi Executive | Executive VP and CFO | None | Joined GFL in 2015, held various roles including Director of M&A, EVP of Corporate Development, and Interim CFO. Over 20 years of financial management experience. | |
Mindy Gilbert Executive | Executive VP and Chief Legal Officer | Alumni Board of Osgoode Hall Law School | Joined GFL in 2018, previously a partner at a major Canadian law firm, specialized in M&A, securities, and corporate law. | |
Arun Nayar Board | Director | Board Member at Amcor PLC, Mastech Digital, Inc., ServiceNow, Inc., McKinsey & Company | Former CFO of Tyco International, extensive financial experience, Chair of the Audit Committee at GFL. | |
Dino Chiesa Board | Lead Independent Director | Board of Trustees at Morguard North American Residential REIT, Chair at Villa Charities, Immediate Past Chair of Create TO | Principal of Chiesa Group, former Chair of Canada Mortgage and Housing Corporation, extensive experience in real estate and government roles. | |
Paolo Notarnicola Board | Director | Partner at BC Partners, Director of GardaWorld | Partner at BC Partners, extensive experience in investment and environmental services, previously at KKR and Lazard Canada. | |
Raymond Svider Board | Director | Chairman and Partner at BC Partners, Executive Chairman of PetSmart, Chairman of Chewy, Inc., Valtech SE, Madison Logic, Keter Group Holding SARL, Board Member at Altice USA, Navex Global, GardaWorld, Presidio, Inc., EAB, Advisory Board of Aenova Group, Mount Sinai Children’s Center Foundation, Polsky Center Private Equity Council, University of Chicago Booth School of Business | Extensive experience in private equity, led investments across multiple sectors, holds numerous board positions. | |
Ven Poole Board | Director | Chairman of EREF, Treasurer of St. David’s School, Board of Trustees at North Carolina State University | Former Chairman and CEO of Waste Industries, over 30 years in the solid waste industry, inducted into the National Waste & Recycling Hall of Fame. | |
Violet Konkle Board | Director | Director at The North West Company Inc., Boyd Group Services Inc., Bailey Metal Products, Elswood Investment Corporation, ABARTA | Former CEO of The Brick Ltd., held executive roles at Walmart Canada and Loblaw Companies Ltd., extensive experience in retail and wholesale industries. |
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Given the significant EBITDA growth expected for Green Infrastructure Partners and the reverse inquiries you've received, why are you not considering a full or partial monetization of GIP to unlock shareholder value, especially in light of high valuations in the sector?
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With the plan to ramp up M&A activities post-ES sale and your robust pipeline, how do you intend to execute these acquisitions without significantly impacting your leverage targets, particularly considering the balance between organic growth investments and M&A?
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Given the conservative approach in your guidance regarding cost inflation, how might unexpected increases in inflationary pressures affect your ability to maintain price-cost spread and achieve the projected margin expansion?
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Beyond weather-related impacts and potential tariffs, what other operational or market risks do you foresee that could hinder your ability to meet your 2025 targets for organic growth and free cash flow conversion, and how are you mitigating these risks?
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Considering the boost in U.S. organic growth due to hurricane cleanup activities in Q4, how sustainable is this growth rate, and what measures are you taking to ensure continued volume growth in the absence of such event-driven revenues?
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Tuck‐in acquisitions (Q3 2024) | 2024 | Completed tuck‐in acquisitions with a cash payment of $47.4 million and net assets comprising $5.0M in working capital, $9.4M in property & equipment, $24.9M in intangibles, and $8.4M in goodwill; these acquisitions contributed to approximately $115 million in annualized revenue year‐to-date. |
Six businesses acquisition (Q2 2024) | 2024 | Completed acquisition of six businesses for a total net asset consideration of $513.3 million including $355.0M in property & equipment, $65.5M in intangibles, and $111.0M in goodwill; since acquisition, they contributed about $27.8M in revenue and $7.8M in pre-tax income. |
Two post‐Q1 2024 businesses | 2024 | Completed acquisition of two businesses with a combined purchase price of approximately $439.3 million, with the fair value of assets and liabilities not yet finalized. |
Four businesses acquisition (Q1 2024) | 2024 | Completed acquisition of four businesses that are individually immaterial, though no specific financial or operational details were provided. |
27 businesses acquisition | 2023 | Completed acquisition of 27 businesses (including 19 solid waste management operations) with total net assets of $838.4 million, featuring $418.9M in goodwill, $437.5M in property & equipment, and $322.6M in intangibles, contributing roughly $115.3M in revenue and $16.8M in pre-tax earnings. |
51.0% Controlling Interest Acquisition | 2023 | Completed acquisition of a 51.0% controlling interest with $382.6 million cash paid and a $205.9 million non‐controlling interest contribution, and key components including $362.8M in property & equipment, $194.0M in intangibles, and $368.7M in goodwill, financed by a term loan and revolving credit facility. |
January 2023 Strategic Asset Acquisition | 2023 | Completed acquisition of businesses generating approximately $100 million in revenue, including a strategic asset in the U.S. Midwest for the Environmental Services segment, which was integrated into the company’s 2023 guidance. |
25 Acquisitions in H1 2022 | 2022 | Completed 25 acquisitions (21 of which were solid waste management businesses) with a total consideration of $1,146.3 million (including $36.4M in net working capital, $441.6M in property & equipment, $319.8M in intangibles, and $408.2M in goodwill) that contributed $72.3M in revenue. |
Sprint Waste Services | 2022 | Completed acquisition on May 2, 2022, of Sprint Waste Services—a vertically integrated network spanning 14 sites in Texas and 2 in Louisiana with assets such as two C&D landfills, over 400 vehicles, and 500+ employees—expected to add approximately $200 million in revenue, integrated by August 1, 2022, and financed through a combination of credit, cash, and 3,976,434 subordinate voting shares. |
Recent press releases and 8-K filings for GFL.
- TSX Approval: The TSX approved the resumption of GFL Environmental's normal course issuer bid, allowing a maximum repurchase of 28,046,256 subordinate voting shares, excluding previously repurchased shares from BC Partners and a secondary offering.
- Repurchase Details: To date, 7,618,758 shares have been canceled, leaving 20,427,498 shares available for repurchase over a 12‑month period ending March 2, 2026, with transactions to be executed through TSX and NYSE trading systems.
- 6-K Filing Overview: The announcement, made on April 24, 2025 via a 6‑K filing, reflects a strategic move by management to resume share buybacks under favorable market conditions.
- GFL Environmental Inc. closed its secondary offering, selling 18,887,723 subordinate voting shares by multiple shareholders, including key investors like Ontario Teachers’ Pension Plan Board .
- The company executed additional repurchase actions by canceling 31,725,083 shares through multiple channels: 7,056,027 shares under the secondary offering, 17,050,298 shares from BC Partners, and 7,618,758 shares via its normal course issuer bid .
- GFL retains the capacity to purchase an additional 14,050,720 subordinate voting shares until March 13, 2026 under the Order .
- Headquartered in Vaughan, Ontario, GFL Environmental Inc. is the fourth largest diversified environmental services company in North America .
- GFL Environmental Inc. initiated a direct share buyback of 17,050,298 subordinate voting shares from BC Partners at US$46.92 per share, reflecting roughly a 3.5% discount to the closing NYSE price, with a six‐month lock-up on remaining shares.
- The company also announced its intention to repurchase up to 7,056,027 subordinate voting shares from RBC Dominion Securities under the secondary offering linked to the repurchase program.
- These transactions are part of a wider strategy to use approximately $2.25 billion in proceeds from the Environmental Services business sale to opportunistically repurchase shares.
- GFL Environmental Inc. received exemptive relief from the Ontario Securities Commission to repurchase subordinate voting shares from underwriters involved in secondary offerings.
- The relief permits the purchase of up to 50% of the shares offered—capping at 38,157,045 shares (approximately 10% of the current outstanding shares) over the next 12 months, with such transactions overseen by a special committee.
- The company plans to opportunistically deploy approximately $2.25 billion from the sale of its Environmental Services business to fund these repurchases, ensuring purchases are made at a discount to the market price.
- GFL Environmental Inc. announced that it has received exemptive relief from the Ontario Securities Commission, allowing it to repurchase subordinate voting shares from underwriters in connection with secondary offerings.
- The relief permits repurchases of up to 50% of the shares offered in any secondary offering, with a maximum of 38,157,045 shares (10% of the current outstanding shares) over the next 12 months, overseen by a special committee of independent directors.
- The company plans to use approximately $2.25 billion from its recent Environmental Services business sale to opportunistically execute these share repurchases under favorable market conditions.