GFL Environmental Inc. announced on November 17, 2014, that it has successfully completed a reorganization of its share capital. Following the reorganization, GFL’s total enterprise value is approximately $950 million, making it one of the largest environmental services companies in Canada.
Patrick Dovigi, GFL Founder, President and CEO, has significantly increased his share ownership in the company with the completion of the reorganization, and Hawthorn Equity Partners continues as a shareholder in the reorganized company through a new fund which it manages.
A new investor group, led by Highbridge Principal Strategies LLC, has acquired a non-controlling equity interest in GFL. An affiliate of Roark Capital Group, an investor in GFL since 2010, has sold its entire investment in the company.
Stikeman Elliott LLP acted for GFL under the direction of Joy Grahek, GFL’s General Counsel. The Stikeman team included Jeffrey Singer, Timothy Chubb, Timothy McCormick, Jeff Hershenfield, Evan Marcus and Brandon Hoffman (corporate/M&A), Lawson Hunter and Susan Hutton (regulatory), Nancy Ramalho (employment and labour), Marc Simonik (real estate) and John Lorito (tax).
Goodmans LLP acted for Highbridge with a team led by Dan Gormley that included John Connon, Michelle Vigod and David Coll-Black (corporate), Jon Northup and Michael Royal (tax), David Wiseman (banking) and Kate Lyons (environmental); and Latham & Watkins LLP acted as US counsel to Highbridge in connection with related finance matters, with a team that included Kirk Davenport, Stelios Saffos, Peter Sluka and Joseph Skrokov.
Torys LLP and Miller Thomson LLP acted for Hawthorn. The Torys team included Cameron Koziskie and Paul Budovitch and Danny Millar. The Miller Thomson team included Jennifer Bishop and Robert Forbes (corporate) and Gerald Courage (tax).
King & Spalding LLP acted for Roark with a team that included William Roche.
Fasken Martineau DuMoulin LLP acted as Canadian counsel to U.S. Bank, National Association with a team that included Thomas Meagher and Dev Singh. Morris James LLP acted as US banking counsel to U.S. Bank, National Association, with a team that included Jonathan Strauss.