Since July 1, 2021, GFL has completed 16 acquisitions across its North American platform, for a total of 31 acquisitions year-to-date.
Most recently, GFL acquired the solid waste management and recycling business of Peoria Disposal Company and affiliates (PDC) on October 1, 2021. PDC owns a vertically integrated network of assets in Central Illinois and Eastern Missouri, providing residential, commercial and industrial solid waste hauling and recycling services.
The operations include three active landfills, two strategically located transfer stations, one material recovery facility and a wastewater treatment plant. The acquisition also includes Peoria City/County Landfill Number 3, which is expected to begin operations in early 2024. The PDC assets are supported by a fleet of over 350 vehicles and more than 400 employees.
PDC has operated a regional platform for over 90 years under the ownership of the Coulter family. Royal Coulter and his son Matt Coulter will remain with the business on a long-term basis, while other family members will continue with GFL as consultants and advisors to assist with the transition.
“The acquisition of PDC provides us with a unique opportunity to acquire one of the best family owned and operated vertically integrated set of assets in the United States, while expanding our solid waste footprint within the U.S. Midwest,” said Patrick Dovigi, founder and CEO of GFL.
Landfill gas opportunities
Dovigi also said the acquisition of PDC provides GFL with an opportunity to advance sustainability initiatives with landfill gas to energy projects at the PDC landfills, as part of GFL Renewables.
“After months of family meetings and input from trusted advisors, we made the difficult decision to put PDC up for sale,” said Royal Coulter, president and CEO of PDC.
“We ran a process where we interviewed four other parties and while GFL was not the highest bidder, after spending two days with Patrick, our family felt that GFL was the right company to take over PDC. It is clear to us that GFL shares the same core values as PDC: entrepreneurial spirit, operational excellence, a focus on safety and a commitment to giving back to the communities that it serves.”
On October 1, 2021, GFL also closed the acquisition of the Alabama Dumpster group of companies. Alabama Dumpster provides commercial and roll-off solid waste and recycling services and landfill operations in the State of Alabama.
“The Alabama Dumpster assets complement the businesses we acquired last fall through the acquisition of WCA Waste Corporation and the Waste Management/Advanced Disposal merger,” Dovigi said.
In addition, during the third quarter of 2021, the company acquired hauling operations from Waste Management in Chicoutimi, Quebec, Sault Ste. Marie, Ontario and Western Canada, as well as the Dafter, Michigan Landfill.
GFL also announced that it has sold solid waste assets in and around the Chicago, Illinois market and Rochester, Minnesota, other than the Zion Landfill, for aggregate proceeds of approximately US$72.5 million (C$92.0 million). As part of the transaction, the purchaser and GFL entered into several disposal arrangements, including a 10-year disposal agreement for 450,000 tons per annum at the Zion Landfill. This sale, together with the previously announced sale of certain assets in Pennsylvania and Maryland, brings GFL’s total proceeds from asset sales to US$122.5 million (C$155.1 million) for the year.
GFL financed the acquisitions completed since July 1, 2021 through its recent bond offerings, drawings under its larger credit facility, the asset sales described above and cash on hand.