The transaction will be financed through a combination of 80% GFL subordinate voting shares and 20% cash, reflecting GFL’s strategic approach to expanding its portfolio. The Board of Directors of both companies has unanimously approved the deal, indicating strong confidence in the merger’s potential benefits.

GFL’s acquisition is expected to yield a 12% to 15% increase in its Adjusted Free Cash Flow per share, alongside an anticipated rise in its Adjusted EBITDA margin to 31.6%. This financial uplift underscores the strategic importance of SECURE’s assets, which include over 80 locations, comprising 12 landfills and 55 waste treatment facilities.

Patrick Dovigi, Founder and CEO of GFL, emphasized the acquisition’s strategic fit, stating, “The acquisition of SECURE will provide us with a highly complementary network of permitted waste processing and disposal assets that will densify our footprint in Western Canada.” This sentiment is echoed by SECURE’s Chairman, Mick Dilger, who noted the potential for SECURE shareholders to benefit from GFL’s growth strategy through their retained 16% ownership interest in the combined entity.

Allen Gransch, President and CEO of SECURE, highlighted the advantages of merging their infrastructure with GFL’s broader platform, stating, “The transaction will combine SECURE’s hard to replicate infrastructure network with GFL’s broader platform, strengthening GFL’s ability to capture more waste streams across the value chain.” This merger is poised to create a more robust waste management solution in the region.

As GFL prepares to integrate over 2,000 SECURE employees into its operations, the company is positioned to leverage this expanded workforce to enhance service delivery and operational efficiency. The integration process will be closely monitored as both companies work to align their cultures and operational practices.

Details remain unconfirmed regarding the timeline for the completion of the acquisition and any potential regulatory hurdles that may arise. However, the strategic implications of this deal are clear, as GFL Environmental continues to solidify its position as the fourth largest diversified environmental services company in North America.

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