Diversified waste management firm GFL Environmental plans to go public this week in what would be the largest Canadian IPO ever. $GFL plans to raise $1.9 billion at a $6.9 billion market value ($9.5 billion enterprise value)
Diversified waste management firm GFL Environmental plans to go public this week in what would be the largest Canadian IPO ever. $GFL plans to raise $1.9 billion at a $6.9 billion market value ($9.5 billion enterprise value)
The GFL “Green for Life” slogan is seen across major Canadian cities, plans to list itself on the New York Stock Exchange under the symbol “GFL” and has applied to list its subordinate voting shares on the Toronto Stock Exchange under the same symbol in a dual listing.
J.P. Morgan, BMO Capital Markets, Goldman Sachs & Co LLC, RBC Capital Markets and Scotiabank are acting as lead underwriters for the IPO.
GFL is based at Vaughan, Ontario-based and is the fourth largest diversified waste management firm in North America. The company serves over 4 million customers across Canada and 23 US states, and is coming to market as investor taste is shifting toward defensive names.
The IPO price is expected to be between $20.00 and $24.00 per share, giving the company a valuation of up to $7.56 billion, including underwriters’ option. GFL plans to sell 87.6 million of subordinate voting shares and expects to grant the underwriters a 30-day option to purchase up to an additional 13.1 million subordinate voting shares.
About GFL
GFL Environmental Inc. is a privately owned company and is supported by committed shareholders.
Principal shareholders include:
BC Partners BC Partners is a leading international investment firm with US$20 billion of assets under management in private equity and private credit.
Established in 1986, BC Partners has played an active role in developing the European buy-out market for three decades. Today, BC Partners executives operate across markets as an integrated team through the firm’s offices in North America and Europe. Since inception, BC Partners has completed 102 private equity investments in companies with a total enterprise value of US$145 billion and is currently investing its tenth private equity fund. For more information, please visit www.bcpartners.com.
Ontario Teachers’ Pension Plan
The Ontario Teachers’ Pension Plan (Ontario Teachers’) is Canada’s largest single-profession pension plan, with $189.5 billion in net assets at December 31, 2017. It holds a diverse global portfolio of assets, approximately 80% of which is managed in-house, and has earned an average annualized rate of return of 9.9% since the plan’s founding in 1990. Ontario Teachers’ is an independent organization headquartered in Toronto. Its Asia-Pacific region office is located in Hong Kong and its Europe, Middle East & Africa region office is in London. The defined-benefit plan, which is fully funded, invests and administers the pensions of the province of Ontario’s 323,000 active and retired teachers.
From The Traders Community Research Desk