Canadian hauler GFL Environmental Inc. is seeking to raise as much as C$1 billion ($778 million) in an initial public offering that could be filed as early as the first quarter, according to a report by Reuters.
GFL, which is currently owned by private equity investors, has been on a growth path in recent years, including in some U.S. markets. Notably, it purchased Sterling Heights, Mich.-based Rizzo Environmental Services Inc. last year.
GFL CEO Patrick Dovigi spoke with Waste360 at WasteExpo 2017 in New Orleans. Dovigi discussed the company's growth in Canada and its foray's to the U.S. market.
Dovigi was also selected as one of Waste360’s 40 Under 40 this year.
Reuters has more:
GFL has been working closely with Bank of Montreal and Canadian Imperial Bank of Commerce, which are likely to play a big role in the IPO, the people said. The company raised $350 billion in a bond offering in May.
Led by Chief Executive Patrick Dovigi, GFL has grown through acquisitions into one of Canada’s biggest waste management companies.
GFL, whose flashy green-colored trucks are seen across the country, has about 140 facilities across Canada and in Michigan. It is a major provider of soil recycling services in Ontario.
“GFL has been running a process over the last couple of months to appoint banks for an IPO,” said an investment banker. “This is an IPO everyone would want to be on.”