VAUGHAN,
ON, May 2, 2022 /PRNewswire/ - GFL
Environmental Inc. (NYSE: GFL) (TSX: GFL) ("GFL", "we", "our" or
the "Company"),
a leading North American diversified environmental services company, today
announced the acquisition of Sprint Waste Services ("Sprint
Waste"), a vertically integrated network of solid waste
assets across 14 sites in Texas and two sites in Louisiana, including two C&D landfills in
the Greater Houston Area.
The Sprint Waste assets are supported by a fleet of over 400
vehicles and more than 500 employees.
"We continue to demonstrate our ability to successfully execute
on our growth strategy of pursuing strategic and accretive
acquisitions," said Patrick Dovigi,
Founder and Chief Executive Officer of GFL. "The acquisition of
Sprint Waste provides us with a unique opportunity to acquire a
vertically integrated, complementary set of assets, while further
densifying our solid waste footprint within the Southern United States. We are excited to
welcome the over 500 Sprint Waste employees to the GFL family."
Mr. Dovigi added, "Sprint Waste has operated a regional platform
with industry-leading margins for over 15 years under the ownership
of Joseph Swinbank and his family.
We are excited that Joe and his sons, Will
and Reagan Swinbank, will continue to support the business
going forward as both consultants and shareholders of
GFL."
Mr. Dovigi continued, "In addition to the acquisition of Sprint
Waste, since the start of the year we have completed 20
acquisitions across multiple geographies, the majority of which
were small tuck-in acquisitions, further densifying our footprint.
Together, these acquisitions are expected to contribute
approximately $300 million in
aggregate annualized revenue."
Mr. Dovigi concluded, "We have also remained focused on
rationalizing our balance sheet to maximize the value of our asset
base. Year-to-date, we received cash proceeds of approximately
$91.0 million from the sale of
non-core assets and $224.0 million
from the spin-off of GFL Infrastructure Group to Green
Infrastructure Partners. The proceeds from these divestitures will
continue to be redeployed in our organic and inorganic growth
initiatives."
GFL financed the acquisitions completed year-to-date through its
credit facility, the divestitures described above, cash on hand and
the issuance of 3,976,434 subordinate voting shares as partial
consideration for the acquisition of Sprint Waste, allowing the
Company to maintain its current credit rating profile and leverage
within previously stated ranges.
About GFL
GFL, headquartered in Vaughan,
Ontario, is the fourth largest diversified environmental
services company in North America,
providing a comprehensive line of solid waste management, liquid
waste management and soil remediation services through its platform
of facilities across Canada and in
more than half of the U.S. states. Across its organization, GFL has
a workforce of more than 18,000 employees.
Forward Looking
Statements
This release includes certain "forward-looking statements",
including statements relating to the use of proceeds of the
recently completed divestitures, the expected annualized revenue
from recent acquisitions and maintaining the Company's credit
rating profile and leverage levels. In some cases, but not
necessarily in all cases, forward-looking statements can be
identified by the use of forward looking terminology such as
"plans", "targets", "expects" or "does not expect", "is expected",
"an opportunity exists", "is positioned", "estimates", "intends",
"assumes", "anticipates" or "does not anticipate" or "believes", or
variations of such words and phrases or statements that certain
actions, events or results "may", "could", "would", "might", "will"
or "will be taken", "occur" or "be achieved". In addition, any
statements that refer to expectations, projections or other
characterizations of future events or circumstances contain
forward-looking statements. Forward-looking statements are not
historical facts, nor guarantees or assurances of future
performance but instead represent management's current beliefs,
expectations, estimates and projections regarding future events and
operating performance. Forward-looking statements are necessarily
based on a number of opinions, assumptions and estimates that,
while considered reasonable by GFL as of the date of this release,
are subject to inherent uncertainties, risks and changes in
circumstances that may differ materially from those contemplated by
the forward-looking statements. Important factors that could cause
actual results to differ, possibly materially, from those indicated
by the forward-looking statements include, but are not limited to,
the factors described in the "Risk Factors" section of GFL's annual
information form for the 2021 fiscal year filed on Form 40-F and
GFL's other periodic filings with the U.S. Securities and Exchange
Commission and the securities commissions or similar regulatory
authorities in Canada. These
factors are not intended to represent a complete list of the
factors that could affect GFL. However, such risk factors should be
considered carefully. There can be no assurance that such estimates
and assumptions will prove to be correct. You should not place
undue reliance on forward-looking statements, which speak only as
of the date of this release. GFL undertakes no obligation to
publicly update any forward-looking statement, except as required
by applicable securities laws. All dollar amounts are in Canadian
dollars, unless otherwise noted.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/gfl-environmental-announces-densification-of-southern-us-footprint-with-the-acquisition-of-sprint-waste-services-and-provides-update-on-year-to-date-ma-activity-301537099.html
SOURCE GFL Environmental Inc.