GFL Environmental Inc. has agreed to sell a majority stake in its environmental services business to private equity firms Apollo and BC Partners for $6.2 billion in cash. The deal will see Apollo Funds and BC Funds each hold a 28 percent stake, while GFL retains a 44 percent interest. GFL plans to use the proceeds to repay debt and repurchase shares.
Adam Wyden, portfolio manager and managing member of ADW Capital Management, joins BNN Bloomberg to share his top critiques of GFL.
VAUGHAN, Ont. — GFL Environmental Inc. has signed a deal to sell a majority interest in its environmental services business to private equity firms Apollo and BC Partners in an agreement that will see it realize $6.2 billion in cash proceeds. Under the transaction, Apollo Funds and BC Funds will each hold a 28 per cent stake in the business, while GFL will retain a 44 per cent interest.GFL says it plan to use up to $3.75 billion of the net proceeds from the sale to repay debt and up to $2.25 billion for the repurchase of its shares.
The deal also gives GFL an option, but not an obligation, to repurchase the environmental services business within five years of the closing of the sale. GFL Environmental chief executive Patrick Dovigi says the deal will allow the company to materially delever its balance sheet which will accelerate its path to an investment grade credit rating.
GFL Environmental Private Equity Apollo BC Partners Environmental Services
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