GFL Environmental Inc. completed the acquisition of County Waste, LLC from Clairvest Equity Partners IV Limited Partnership, a fund managed by Clairvest Group Inc., Scott Earl, Chief Executive Officer of Clairvest and management shareholder partners of Clairvest for approximately $480 million.
January 31, 2019
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GFL Environmental Inc. entered into an agreement to acquire County Waste, LLC from Clairvest Equity Partners IV Limited Partnership, a fund managed by Clairvest Group Inc. (TSX:CVG), Scott Earl, Chief Executive Officer of Clairvest and management shareholder partners of Clairvest on December 5, 2019. Scott Earl, Chief Executive Officer and Founder of County Waste will join GFL as employee as well as shareholder. The employees of County Waste will also join GFL as a part of the acquisition. The transaction is subject to receipt of customary regulatory approvals, including approval under the Hart-Scott-Rodino Act. As on December 17, 2019, the transaction has been granted early termination of antitrust approval waiting period from Federal Trade Commission. The transaction is expected to close in January 2020.
GFL Environmental Inc. completed the acquisition of County Waste, LLC from Clairvest Equity Partners IV Limited Partnership, a fund managed by Clairvest Group Inc. (TSX:CVG), Scott Earl, Chief Executive Officer of Clairvest and management shareholder partners of Clairvest for approximately $480 million on January 1, 2020. Under the terms of transaction, GFL Environmental Inc. paid $445 million in cash and issued 41.8 million Class I Non-Voting Shares issued at a value of CAD 1.25 ($0.95) per share. At closing, Clairvest's sale proceeds was $45.6 million. The consideration also includes deferred contingent payment that is based on achieving certain corporate milestones.
GFL Environmental Inc. is a Canada-based diversified environmental services company. The Company is engaged in providing non-hazardous solid waste management, infrastructure and soil remediation services and liquid waste management services. Its segments include Solid waste, which includes landfill, material recovery facilities, and Environmental Services, which includes liquid waste management and soil remediation services. Its service range includes residential waste collection, commercial waste collection, industrial cleaning services, dumpster rental services, liquid and hazardous waste and soil remediation services. It offers commercial, institutional, and industrial customers a range of environmentally hazardous waste handling services from onsite packaging, container supply, and transportation, to licensed disposal or recycling. It owns, operates, and manages solid and liquid waste disposal, transfer and recycling facilities across North America.
GFL Environmental Inc. completed the acquisition of County Waste, LLC from Clairvest Equity Partners IV Limited Partnership, a fund managed by Clairvest Group Inc., Scott Earl, Chief Executive Officer of Clairvest and management shareholder partners of Clairvest for approximately $480 million.