Cleary Gottlieb is representing GFL Environmental, Inc. (GFL) as its U.S. counsel in the recapitalization of GFL, being led by BC Partners and including the Ontario Teachers’ Pension Plan and others.
The new investors will acquire the interests of current partners including funds managed or associated with HPS Investment Partners, Macquarie Infrastructure Partners III, and Hawthorn Equity Partners. The transaction, which was announced on April 23, 2018, implies a total enterprise value for GFL of approximately $5.125 billion.
GFL, headquartered in Toronto, is a diversified environmental services company providing a comprehensive line of solid waste, infrastructure, and soil remediation, and liquid waste management services through its platform of facilities across Canada and in Southeastern Michigan. GFL is one of the fastest growing North American providers of diversified environmental solutions. BC Partners is a leading international investment firm with over €17 billion of assets under management in private equity and private credit. Ontario Teachers is Canada’s largest single-profession pension plan, with C$180.5 billion in net assets at June 30, 2017.