Raleigh-based Waste Industries merging with Canadian trash-hauler in $2.8B deal
Posted October 10, 2018 12:18 p.m. EDT
Raleigh, N.C. — Waste Industries Inc. on Wednesday announced it is merging with Toronto, Canada-based GFL Environmental Inc., one of the largest trash-hauling companies in North America.
The deal is valued at more than $2.8 billion and is expected to close by the end of the year.
Since its founding by the Poole family in 1970, Raleigh-based Waste Industries has grown to become a top solid waste management company in the Southeast.
The combined company will operate 98 collection operations, 59 transfer stations, 29 material recovery facilities, 10 organics facilities and 47 landfills and will have more than 8,850 employees.
"Waste Industries will more than double GFL’s current footprint of operations in North America, adding collection, transfer station, materials recovery and landfill operations in fast-growing United States markets," GFL President and Chief Executive Patrick Dovigi said in a statement. "Waste Industries strongly complements GFL’s brand with an over 47-year history of providing excellent customer service to its local communities and has a management team with a proven track record of harnessing technology, processes and systems to drive operating efficiencies."
"These companies complement each other in multiple ways, and the management teams share a similar culture oriented around exceptional customer service, operational excellence and our commitment to making a difference in the communities we serve," Waste Industries Chairman and Chief Executive Ven Poole said in a statement. "The combination with GFL provides a very bright future for our team, and the Poole family is proud to continue its investment through this combination with North America’s true industry leader GFL."
Members of the Poole family and Waste Industries management are contributing capital to the deal and are expected to become GFL shareholders. Ven Poole will join the combined company's board.
London-based private equity firm BC Partners, which already owns a stake in GFL, the Ontario Teachers’ Pension Plan and some other GFL shareholders, including Dovigi, also are providing equity financing for the deal. Barclays, Bank of Montreal, BMO Capital Markets Corp. and Royal Bank of Canada are providing debt financing.