GFL Environmental Attracts Rival Buyout Groups in Canada

Two competing investment groups are negotiating to acquire GFL Environmental Inc., the Canadian waste management company founded by billionaire Patrick Dovigi, in a transaction that could exceed US$30 billion. Reports published October 19, 2026, said both groups proposed retaining Dovigi's ownership stake in the new company and keeping him involved in its operations, although an agreement remains uncertain.

According to the Financial Post, one consortium includes KKR & Co. Inc., Energy Capital Partners and Blackstone Inc., while the rival group comprises Brookfield Asset Management and IFM Investors. People familiar with the discussions said an agreement could be reached as early as the following week, but negotiations over the transaction's terms and structure were continuing.

Billionaires.Africa reported that earlier proposals valued GFL shares at US$50 to US$55 each, implying an equity valuation of approximately US$21.8 billion to US$24 billion. Including roughly US$10 billion in debt, the transaction would exceed US$30 billion, potentially making it one of the largest buyouts involving a Canadian-listed company.

The Globe and Mail separately reported that takeover interest followed a sharp decline in GFL's share price after its announcement of a C$5.4 billion acquisition of Secure Waste Infrastructure Corp. The purchase expanded GFL's exposure to hazardous waste, chemicals, scrap metal and energy infrastructure.

GFL completed the Secure acquisition on September 1, issuing approximately 75.1 million new shares to the company's owners and assuming a new US$1 billion term loan. The transaction also added more than 2,000 employees and strengthened GFL's position in western Canada.

Financial performance has continued to support the company's expansion. GFL reported second-quarter revenue of C$1.95 billion, equivalent to US$1.38 billion, an increase of 16.3% from the same period a year earlier. Adjusted earnings before interest, taxes, depreciation and amortization reached C$591.2 million, or US$419 million.

The company raised its full-year revenue forecast to between C$7.51 billion and C$7.53 billion. GFL scheduled its third-quarter results for October 28, providing investors with another assessment of its performance following the Secure acquisition.

Dovigi, 47, built GFL through hundreds of acquisitions after founding the company in 2007. The business, whose name stands for Green For Life, operates waste collection, recycling and disposal services across Canada and 19 US states. It describes itself as North America's fourth-largest diversified environmental services company.

Dovigi's background includes a hockey career before he moved into finance and the waste industry. The Edmonton Oilers selected him as a goaltender in the 1997 National Hockey League draft, but he subsequently pursued business opportunities, building relationships with small waste company owners and investment firms.

Explaining how he navigates both sides of the industry, Dovigi told the Financial Post, "That is the world I grew up in, lived in — I can relate to those kind of people."

He also described his ability to work with people across different professional backgrounds as a central strength.

"One of my big skills is I can relate to a driver, I can relate to an entrepreneur, and I have the skill set to kind of deal with Wall Street," Dovigi said.

His direct approach to business has also drawn praise from Jamie Edmiston, chief executive of yacht brokerage Edmiston, who has worked with Dovigi on yacht transactions.

"With Patrick, it's different — you deal with him himself," Edmiston said.

Edmiston said Dovigi's personal involvement reduces the need for extensive intermediary negotiations.

"You don't need 20 lawyers. He does what he says and says what he does," Edmiston said.

Dovigi's acquisition strategy gained momentum during the 2008 financial crisis, when larger waste companies reduced their Canadian operations. He described the resulting opportunity in an interview with the Financial Post.

"These guys effectively retreated and gave me a blank canvas across Canada," Dovigi said.

GFL subsequently expanded through acquisitions backed by several major investment firms, including Macquarie Group, BC Partners and the Ontario Teachers' Pension Plan. The company went public in Toronto and New York in 2020.

Interest in a potential sale became more formal in July 2026, when GFL's board established a special committee to review preliminary approaches from prospective buyers and hired financial advisers. Dovigi described the expressions of interest as validation of the company's growth strategy.

He said the interest had "completely vindicated" the company's approach and indicated that he intended to roll his equity into a potential transaction rather than leave the business.

Dovigi also said the board would prioritize shareholders' interests while considering any proposal.

He described the company's growth prospects as "sort of in the third inning of a long baseball game."

Any transaction would face regulatory scrutiny, with Canada's Competition Bureau likely to examine GFL's substantial presence in municipal waste collection. The board's review remains ongoing, and the negotiations have not guaranteed a completed sale.