A Transformative Year for GFL
The take-private deliberations come during a period of aggressive expansion for the Vaughan, Ontario-based company. GFL has been on an acquisition spree in 2026, closing at least eight tuck-in deals since January, including the purchase of Texas-based Frontier Waste Solutions in a deal Bloomberg estimated at roughly $900 million. resource-recycling.com wastedive.com bloomberg.com
In April, GFL announced its largest deal of the year — the acquisition of SECURE Waste Infrastructure Corp. for more than C$6 billion, structured with approximately 20% cash and 80% stock. To help fund that transaction, GFL priced a $750 million offering of senior notes due 2031 in late June. stocktitan.net prnewswire.com bloomberg.com investors.gflenv.com
From Public to Private — and Back Again?
GFL has a history with private equity. BC Partners acquired the company in 2018, valuing it at $5.1 billion, before GFL went public on the Toronto Stock Exchange in 2020. In January 2025, GFL sold a majority stake in its Environmental Services division to funds managed by Apollo Global Management and BC Partners for an enterprise value of C$8 billion. wastetodaymagazine.com nbprivateequitypartners.com prnewswire.com
Founder and CEO Patrick Dovigi has remained central to GFL’s strategy throughout these transitions. The company is now the fourth-largest diversified environmental services firm in North America. investors.gflenv.com
What Comes Next
No decision has been made, and deliberations may not result in a transaction, according to the Bloomberg report. GFL’s market capitalization and the scale of any take-private deal would make it a complex undertaking requiring a consortium of buyers. The company recently joined the Russell 1000 index and has targeted maintaining leverage in the mid-3.0x range. bloomberg.com stocktitan.net investors.gflenv.com
