GFL

Investment Thesis

• Favourable environmental services industry dynamics
• Sticky and diverse customer base
• Opportunity to acquire premier waste management platform in Canada
• Fragmented industry provides opportunities for M&A

Investment Overview

GFL, or Green for Life, is a diversified environmental services company providing a comprehensive line of solid waste, infrastructure and soil remediation and liquid waste. The company provides services and strategic assets from collection through diversion and disposal. The company is headquartered in Toronto, CN and was the #1 diversified environmental services provider in Canada with more than 5,000 employees, 2.5 million households under municipal contacts and more than 60,000 industrial, commercial and institutional customers. BC Partners acquired the business in 2018, valuing the company at $5.1 billion, making GFL one of the largest environmental services companies in North America.

In October 2018, GFL announced a merger with Waste Industries. The merger more than doubled GFL’s footprint in the US in fast-growing markets, expanding the customer base and platform to continue to execute on organic growth and M&A.

On 2 March 2020, the company completed an IPO at $19 per share. The company currently trades on the NYSE under the ticker GFL.