GFL Environmental Inc. is exploring a potential take-private transaction after drawing preliminary interest from buyout firms, according to people familiar with the matter. The North American waste manager has been consulting with advisers on its options, having received initial expressions of interest from investment firms in recent months, the sources said, requesting anonymity because the discussions are confidential.
Shares of GFL closed broadly flat on Thursday in New York, giving the company a market capitalization of approximately US$13.5 billion. The stock also trades in Toronto, and any take-private deal would rank among the largest ever involving a Canadian-listed company.
Debt and Ownership Structure Pose Challenges
GFL carries about US$7.1 billion in debt, and its size could present a hurdle to a potential transaction. A buyer would need to convince founder and chief executive Patrick Dovigi to roll over his stake to make a deal work, according to the people. Some suitors may consider taking a smaller stake in GFL instead of pursuing a full buyout, some of the sources said. Deliberations remain at an early stage, and there is no certainty they will result in a transaction. A representative for GFL declined to comment.
Investor Appetite for Environmental Services
Any deal would underscore growing investor appetite for environmental services companies. Their recurring revenue, resilient cash flow, and consolidation potential have made the sector attractive to infrastructure and buyout firms. Apollo Global Management Inc. and BC Partners last year acquired a majority stake in GFL’s environmental services unit. Also in 2025, GFL agreed to sell a minority stake in Green Infrastructure Partners, its road-building and construction business, to Energy Capital Partners in a deal valuing the unit at approximately $4.25 billion.
Company Background and Recent Moves
Founded in 2007, GFL describes itself as the “fourth-largest diversified” environmental services company in North America, providing waste management services throughout Canada and the United States. GFL announced in January that it was relocating its executive headquarters from Vaughan, Ontario, to Miami Beach, Florida. The company has completed scores of acquisitions in recycling, waste collection, environmental services, and infrastructure. It is currently working on completing a tie-up with Secure Waste Infrastructure Corp. to extend its reach in Western Canada and deepen its exposure to industrial waste management and energy infrastructure.
