GFL Environmental has completed its spin-off of GFL Infrastructure Group to create Green Infrastructure Partners, an infrastructure services provider and backed by HPS Investment Partners. Following the acquisition of GFL Infrastructure, GIP acquired Coco Paving, which has operations across Ontario, Quebec and Saskatchewan.
GFL is a diversified environmental services company in North America, providing a comprehensive line of non-hazardous solid waste management, soil remediation and liquid waste management services. As part of the deal, GFL received C$224 million in cash and a 45 percent equity interest in GIP, an entity controlled by funds managed by HPS Investment Partners.
“The spin-off of GFL Infrastructure is part of our ongoing strategy to rationalize our balance sheet to maximize the value of our asset base,” said Patrick Dovigi, CEO of GFL. “We intend to invest the proceeds received from the transaction in our robust near-term acquisition pipeline.”
Mr. Dovigi concluded, “We are also very excited to be partnering again with HPS Investment Partners. HPS has been an investor in GFL since 2014 and we look forward to replicating our successful relationship with them as we grow GIP together.”