GFL Environmental Inc.

Investors led by BC Partners and Ontario Teachers' Pension Plan in the $5.125 billion recapitalization of GFL Environmental Inc.


Investors led by BC Partners and Ontario Teachers’ Pension Plan


$5.125 billion


Mergers and Acquisitions

Date Closed

Lead Office



On April 22, 2018, GFL Environmental Inc. and investors led by BC Partners and Ontario Teachers’ Pension Plan jointly announced their agreement to recapitalize GFL Environmental Holdings Inc. The transaction implies a total GFL enterprise value of approximately $5.125 billion, making GFL one of the largest environmental services companies in North America. It is expected to close by June 30, 2018.

GFL Environmental Inc. is a Canadian diversified environmental services company that provides a comprehensive line of solid waste, infrastructure & soil remediation, and liquid waste management services.

BC Partners is a UK-based leading international investment firm with over €17 billion of assets under management in private equity and private credit.

Ontario Teachers’ Pension Plan, headquartered in Toronto, is Canada’s largest single-profession pension plan and holds a diverse global portfolio of assets.

Osler, Hoskin & Harcourt LLP represented the investors led by BC Partners and Ontario Teachers’ Pension Plan with a team led by Shahir Guindi and John Groenewegen (Corporate), consisting of Hugo-Pierre Gagnon, Michael Budabin McQuown, Courtney Ashton, Lynne Lacoursière and Blake Binions (Corporate), Jennifer Fairfax and Patrick Welsh (Environmental), Adrian Hartog (Real Estate), Firoz Ahmed and Matias Milet (Tax), Damian Rigolo (Employment and Labour), Etienne Massicotte (Financial Services), and Shelley Obal (Research).

Shahir Guindi - Private Equity Lawyer

Shahir Guindi Ad. E.

National Co-chair

John Groenewegen - Private Equity Lawyer

John Groenewegen

Partner, Corporate

Hugo-Pierre  Gagnon

Hugo-Pierre Gagnon

Partner, Corporate

Michael Budabin McQuown

Michael Budabin McQuown

Partner, Corporate

Jennifer  Fairfax

Jennifer Fairfax

Partner, Litigation; Regulatory, Environmental, Aboriginal and Land

Adrian  Hartog

Adrian Hartog

Partner, Real Estate

Firoz Ahmed | Tax Lawyer in Toronto

Firoz Ahmed

Partner, Taxation

Matias Milet

Matias Milet

Partner, Taxation

Damian  Rigolo

Damian Rigolo

Partner, Employment & Labour

Etienne  Massicotte

Etienne Massicotte

Partner, Financial Services

Shelley  Obal

Shelley Obal

Partner, Research

Lynne Lacoursière - Corporate Lawyer

Lynne Lacoursière

Partner, Corporate

Patrick G. Welsh

Patrick G. Welsh

Partner, Regulatory, Environmental, Aboriginal and Land; Litigation