GFL Environmental Completes Strategic Acquisition of SECURE Waste Corporation to Enhance Growth

GFL Environmental Completes Acquisition of SECURE Waste Infrastructure Corp

GFL Environmental Inc. has successfully concluded its acquisition of SECURE Waste Infrastructure Corp., a deal that marks a significant milestone in the company's ongoing expansion strategy. The transaction, announced earlier, was officially closed on September 1, 2026. GFL's acquisition of SECURE is set to enhance its operations and broaden its impact in the environmental services sector.

The acquisition was financed through a combination of resources, including capacity from GFL's revolving credit facility, the issuance of over 75 million subordinate voting shares, and a newly secured senior loan amounting to $1 billion. This multi-faceted financing strategy aims to bolster GFL’s financial stability while facilitating growth objectives. The Senior Secured Term Loan, which matures in 2033, has an interest rate around 5%, following strategic financial maneuvers such as cross-currency interest rate swaps.

Patrick Dovigi, GFL's Founder and CEO, expressed enthusiasm about integrating the approximately 2,000 employees from SECURE into the GFL family. Among these are key executives like Allen Gransch, who will continue to lead the SECURE business. Dovigi emphasized that this acquisition is not just a business maneuver but a crucial step towards enhancing long-term equity value for shareholders, paving the way to accelerate financial targets laid out during the investor day in early 2025.

The acquisition represents a strategically significant move, expanding GFL’s operational scale and thereby increasing its capital deployment capacity. Following the SECURE acquisition, GFL is set to update its 2026 guidance during the third-quarter reporting later this year. This update is anticipated to incorporate the financial performance of SECURE, showcasing GFL's confident trajectory.

Dovigi also noted the positive response to the Senior Secured Term Loan, which was oversubscribed. This reflects the strong trust and relationship GFL has cultivated over the years with reputable debt investors, many of whom have partnered with the company for over a decade. The loan's favorable conditions serve as a testament to GFL’s financial health even as they aim for an upgraded credit rating in the near future.

In conjunction with the closure of this acquisition, it is expected that SECURE's common shares will be delisted from the Toronto Stock Exchange shortly after September 2, 2026. SECURE shareholders will receive GFL Subordinate Voting Shares, beginning to trade under the ticker symbol “GFL” on both the Toronto Stock Exchange and New York Stock Exchange.

This acquisition not only solidifies GFL’s position as one of the leading diversified environmental services providers in North America, but it is also a pivotal move aligning with its long-term strategy of consolidating resources to deliver comprehensive solid waste management services effectively. GFL operates with over 17,000 employees across numerous facilities in North America, emphasizing a commitment to responsible environmental practices while also focusing on operational efficiency.

As GFL Environmental continues to grow, it will remain vigilant in leveraging acquisitions that complement its key strategies for sustainability and waste management capabilities. With the SECURE acquisition now finalized, GFL is positioned to enhance its services and expand its offerings to meet the increasing demands of an evolving market.