VAUGHAN (ON), May 2, 2022 /PRNewswire/ – GFL Environmental Inc. (NYSE: GFL) (TSX: GFL) (“GFL”, “we”, “our” or the “Company”), aleadingNorthAmericandiversifiedenvironmentalservicescompany,today announced the acquisition of Sprint Waste Services (“Sprint Waste”), a vertically integrated network of solid waste assetsacross 14 sites in TexasTwo sites are available Louisiana, which includes two C&D landfills in Greater Houston Area. Sprint Waste assets are supported and managed by a fleet that includes over 400 vehicles, plus more than 500 employees.
“We continue to show our ability to successfully implement our growth strategy of pursuing strategically and accretive acquires,” said the company. Patrick DovigiGFL’s founder and chief executive officer, “The acquisition Sprint Waste gives us a unique opportunity for vertically integrated, complementary assets while further densifying the solid waste footprint within the GFL.” Southern United States. We are thrilled to welcome the more than 500 Sprint Waste employees to our GFL family.”
Mr. Dovigi stated, “Sprint Waste has operated an industry-leading platform for over 15 years. It was under the ownership of Joseph Swinbankhis family. We are happy for Joe and his sons. Will and Reagan SwinbankAs both shareholders and consultants of GFL, he will continue to support the business.”
Mr. Dovigi stated, “In the past year, we have completed 20 acquisitions in multiple geographies. The majority of these were small tuckin acquisitions that further expand our footprint.” These acquisitions together are expected to contribute approximately $300 millionIn aggregate annualized revenue
Mr. Dovigi concluded that “We have also remained focussed on rationalizing our financial position to maximize the value our asset base.” Year-to-date we have received cash proceeds in excess of $91.0 MillionFrom the sale of noncore assets $224.0 MillionGFL Infrastructure Group was spun-off to Green Infrastructure Partners. These divestitures will continue to generate funds for our organic and non-organic growth initiatives.
GFL financed the year-to-date acquisitions through its credit facility. The divestitures discussed above, cash on-hand, and the issuance (3,976,434 subordinate voting share shares) were part of Sprint Waste’s acquisition. This allowed the Company to maintain its current credit profile and leverage within previously defined ranges.
GFL
GFL, headquartered at Vaughan, OntarioThe fourth largest diversified environmental service company in the country is, North AmericaThrough its network of facilities, it offers a complete line of solid waste management and liquid waste management services. CanadaMore than half of the U.S. state’s states. GFL employs over 18,000 people in its various offices.
Forward-Looking Statements
This release contains forward-looking statements. These include statements regarding the Company’s use of proceeds from recent divestitures, the expected annualized income from recent acquisitions, and maintaining the Company’s credit rating profile as well as its leverage levels. Forward-looking statements may be identified in certain cases, but not always, by using forward-looking terminology such as “targets”, expectations, “expects”, and “doesn’t expect”, or “is expected”, or “estimates”, or variations thereof, or statements that certain actions or events “may”, “could”, “would”, or “might”, or “will be taken”, or “occur”, or “be achieved”. Forward-looking statements include statements that describe future events and circumstances. Forward-looking statements don’t reflect historical facts nor guarantee or assure future performance. They are based on management’s current beliefs, expectations and projections about future events and performance. Forward-looking statements are based on a variety of opinions, assumptions, and estimates. These statements, although considered reasonable by GFL at the date of this release are subject to inherent uncertainties and risks as well as changes in circumstances that could cause actual results to differ materially from those projected. Important factors that could lead to actual results being different from those indicated in forward-looking statements include but are not limited the factors described in “Risk Factors”, GFL’s annual financial information form for the 2021 year filed on Form 40F and GFL’s periodic filings with the U.S Securities and Exchange Commission and other securities commissions and similar regulatory authorities. Canada. These factors do not represent an exhaustive list of factors that could impact GFL. These risk factors must be taken into consideration. These assumptions and estimates are not guaranteed to be accurate. Forward-looking statements are only valid as of the date of this release. You should not rely on them. GFL does not undertake any obligation to publicly update any forward looking statement, except as required under applicable securities laws. Unless otherwise noted, all dollar amounts are expressed in Canadian dollars.
SOURCE GFL Environmental Inc.
