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Ontario Teachers’ finances waste solutions merger, PSP parcels out stakes in ports

October 12, 2018
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Following a recapitalization led by the Ontario Teachers’ Pension Plan and BC Partners, GFL Environmental Inc. is merging with Waste Industries.

The two companies will form an entity valued at approximately $3.65 billion, with the transaction set to close in the last quarter of 2018. When combined the companies will operate environmental services and waste management in all Canadian provinces, except for Prince Edward Island, and 10 U.S. states.

Read: PSP Investments completes acquisition of Quebec wind farm

“Waste Industries will more than double GFL’s current footprint of operations in the United States, adding collection, transfer station, materials recovery and landfill operations in fast-growing United States markets (including North Carolina, South Carolina, Georgia, Colorado, Tennessee, Virginia and others), growing our customer base and forming an extended platform from which GFL can continue to execute on our proven organic and acquisition growth strategy”, said Patrick Dovigi, founder and chief executive officer of GFL, in a press release.

Ontario Teachers’, BC Partners and other current shareholders of GFL will provide new equity financing for the transaction.

Read: OMERS takes stake in Texas pipeline, PSP completes student housing partnership deal

In other investing news, the Public Sector Pension Investment Board has closed a transaction selling minority stakes in Forth Ports Ltd. to other long-term investors, GLIL Infrastructure, First State Super and Construction and Building Unions Superannuation. The move comes on the heels of PSP Investments taking on a new stake in the infrastructure company.

The company owns and operates ports throughout Britain in key gateway locations. “Following our acquisition of Arcus European Infrastructure Fund 1 LP’s stake in Forth Ports, we are very excited to partner with First State Super, Cbus and GLIL as we commence the next phase of the company’s development, led by Forth Ports’ stellar management team,” said Patrick Samson, managing director and head of infrastructure investments at PSP Investments.

“We will continue to own a majority of Forth Ports, which will form a core part of our U.K. infrastructure investments portfolio.”

Read: PSP sells London mixed-used property post redevelopment

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