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 it has acquired Sprint Waste Services (“Sprint Waste”), a vertically integrated network of solid waste facilities at 14 sites in Texas and two locations in Louisianaincluding two C&D landfills in Greater Houston. Sprint Waste’s assets are supported by a fleet of over 400 vehicles and more than 500 employees.
“We continue to demonstrate our ability to successfully execute our growth strategy of pursuing strategic and value-added 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 consolidating our solid waste footprint within the business southern United States. We are excited to welcome Sprint Waste’s 500+ employees to the GFL family.”
Mr. Dovigi added: “Sprint Waste has been operating a regional platform with industry-leading margins for over 15 years Joseph Swinbank and his family. We are delighted that Joe and his sons, Will and Reagan Swinbankwill continue to support the company both as an advisor and as a shareholder of GFL.”
Mr. Dovigi continued, “In addition to the acquisition of Sprint Waste, we have completed 20 acquisitions in multiple regions since the beginning of the year, most of which were small acquisitions that further solidify our footprint. Taken together, these acquisitions are expected to make a contribution 300 million dollars in aggregate annualized revenue.”
Mr. Dovigi concluded, “We have continued to focus on rationalizing our balance sheet to maximize the value of our asset base. Year-to-date we’ve had cash earnings of about $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. Proceeds from these divestitures will continue to be reallocated to our organic and inorganic growth initiatives.”
GFL funded the acquisitions completed during the year through its credit facility, the divestitures described above, cash and the issuance of 3,976,434 Subordinate Voting Shares in partial consideration for the acquisition of Sprint Waste, allowing the Company to maintain its current credit profile and leverage within the previously specified areas.
GFL based in Vaughan, Ontariois the fourth-largest diversified environmental services company in North Americawhich provides a comprehensive range of solid waste management, liquid waste management and soil remediation services through its platform of facilities Canada and in more than half of the US states. GFL employs more than 18,000 people across the company.
This press release contains certain “forward-looking statements,” including statements regarding the use of proceeds from recently completed divestitures, expected annual revenues from recent acquisitions, and the maintenance of the Company’s credit rating profile and leverage. In some cases, but not necessarily all cases, forward-looking statements are identified by the use of forward-looking words such as “plans”, “aims”, “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”, “could”, “will” or “occur”, “occur” or “be achieved”. In addition, all statements that address expectations, forecasts or other characterizations of future events or circumstances contain forward-looking statements. Forward-looking statements are neither historical facts nor guarantees or representations of future performance, but rather 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, which, while believed to be reasonable by GFL as of the date of this press 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 materially from those indicated in the forward-looking statements include, among others, those factors described in the “Risk Factors” section of GFL’s annual information form for fiscal year 2021 filed on Form 40 -F and other periodic filings by GFL with the US Securities and Exchange Commission and the securities commissions or similar regulatory bodies in Canada. These factors are not intended to be a complete list of factors that may affect GFL. However, such risk factors should be carefully considered. There can be no assurance that such estimates and assumptions will prove to be correct. You should not place undue reliance on any forward-looking statement, which speaks only as of the date of this press 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.
SOURCE GFL Environmental Inc.