On January 4, 2005, the sale of the Ridge Landfill, located in Chatham, Ontario, owned by Waste Management of Canada Corp., was completed pursuant to a divestiture order issued by the Competition Tribunal in a transaction valued at $110 million. The Ridge Landfill was sold to BFI Canada Income Fund pursuant to an auction process conducted by Deutsche Bank Securities Inc. (New York). The financing to complete the acquisition was provided by a syndicate of senior and subordinated lenders led by CIBC. The acquisition was completed by Ridge (Holdings) LP, a newly formed Manitoba limited partnership whose sole limited partner is BFI Canada Holdings Inc. and whose general partner is a wholly owned subsidiary of BFI Canada Holdings Inc.
Waste Management of Canada was represented in-house by Donald Wright, general counsel, and assisted by a team from Stikeman Elliott LLP comprised of Shawn Neylan and Nick McHaffie (regulatory) and C. Mario Paura, D’Arcy Nordick and Melissa Schyven (corporate and real estate).
BFI Canada was represented in-house by Bill Chyfetz, general counsel, and assisted by: Torys LLP with a team that included Phil Brown, Darren Sukonick, Glen Johnson, Terra Rebick and Pema Tulotsang (corporate), Sabrina Gherbaz (real estate), Corrado Cardarelli (tax), Dennis Mahony (environmental) and Mitch Frazer and Nadine Côté (pension and employment); Steve Watson of Goodman and Carr LLP, who handled financing matters; and Osler, Hoskin & Harcourt LLP, which handled competition matters with a team that included Tim Kennish and Chris Naudie.
The senior lenders in the lending syndicate were represented by Michael Matheson, Dale Seymour and Amrit Sidhu at Osler. Susan Grundy and Michael Harquail (financial services) of Blake, Cassels & Graydon LLP represented the subordinated lenders.