GFL Environmental Inc. is getting new investors including the Ontario Teachers' Pension Plan and private equity firm BC Partners in a deal that values the waste-management company at about $5.125 billion.
Under the agreement, GFL founder and chief executive Patrick Dovigi will maintain his role and leadership of the Toronto-based private company as well as a significant ownership stake.
Financial details of the transaction weren't disclosed. The BC Partners-led investor group, which has worked with other Canadian pension plans in the past, will acquire the interests of funds managed or associated with HPS Investment Partners, Macquarie Infrastructure Partners III and Hawthorn Equity Partners.
The transaction is expected to close by June 30, subject to customary closing conditions.
There had been an unconfirmed report in January that GFL had hired advisers to lead an initial public offering, which would have sold GFL shares to be listed on a stock exchange.
HPS Investment Partners acquired a non-controlling interest in GFL in November 2014. The Macquarie fund became an equity investor in GFL in February 2016 when GFL bought the Matrec solid waste business from Montreal-based Transforce, now called TFI International.
