Roark Capital Commits C$105M To GFL Waste And Recycling Solutions Corp.
Atlanta, GA - Roark Capital Group, an Atlanta-based private equity firm, announced today that its affiliate made a C$105 million equity commitment to GFL Waste & Recycling Solutions Corp. Headquartered in Pickering, Ontario, GFL is one of Canada's leading environmental services firms. Initially, C$60 million was funded on closing, with the remaining C$45 million commitment to be used for organic and acquisition growth opportunities.
Founded by its CEO, Patrick Dovigi, GFL has operations in solid waste collection and transfer stations; liquid waste collection and treatment; and soil remediation services.
The Company operates from 19 locations throughout the Canadian provinces of Ontario, Manitoba, Alberta and British Columbia.
"We are excited to partner with Patrick and support his goal of creating one of the largest and best run environmental services companies in Canada," said Roark Capital Group President Jeffrey J. Keenan.
In connection with the transaction, Keenan has joined the GFL Board of Directors. Keenan co-founded and served as Chairman of IESI Corporation from 1996 to 2005.
IESI grew from a small Texas based start-up operation into the third largest vertically integrated solid waste management company in North America. IESI was sold to BFI Canada in 2005 for $1.1 billion. Keenan also led Roark's $100 million growth equity investment in Waste Pro USA, Inc. Waste Pro provides solid waste collection, disposal and recycling services to more than 825,000 residential and 32,000 commercial customers in the southeastern United States. Keenan currently serves on the board of Waste Pro.
According to Dovigi, "Jeffrey's experience will provide GFL with the additional resources and waste management industry knowledge needed to accelerate our disciplined approach to organic and acquisition growth, while continuing to provide superior service and environmentally friendly solutions for our customers."
Christopher Payne, Managing Partner of Genuity Capital Partners, added, "We welcome Jeffrey's experience and knowledge of environmental services, and are excited about the impact this partnership will have on the growth of GFL." Genuity Capital, through its private equity fund Investment Partnership (2007) LP, is GFL's other major equity investor.
Roark's investment in GFL represents the firm's 26th investment in a business involving a founding entrepreneur or family, and comes during what has been an active November 2010 for the Atlanta-based private equity firm. Earlier this month Focus Brands, a Roark portfolio company, completed its acquisition of Auntie Anne's, the franchisor of the world's largest hand-rolled soft pretzel chain.
SOURCE: Roark Capital Group