Thursday’s $ 1.2 billion acquisition added nearly 1,600 employees to the 13,000 already under the wings of GFL.
GFL Environmental Inc. From Patrick Dovigi’s company to defeat in recent weeks after a New York short seller described his shares as being essentially worthless without access to new capital.
But the 41-year-old Salt-born billionaire keeps in business.
Duffigy, the former Erie Otter who founded GFL in 2007 and remains its CEO, struck a deal Thursday to acquire WCA Waste Corp in Houston, Texas.
“As a result of the closing of the WCA deal today, we are now operating in nine provinces across Canada and 27 states in the United States,” said Dufigy.
“After more than a year of work on this transaction, we are ready to implement integration plans and focus on business development,” he said in a written statement.
The The $ 1.2 billion acquisition adds roughly 1,600 employees to the 13,000 employees already under the wings of GFL.
In mid-August, Short-selling company Spruce Point Capital Management released a 107-page report questioning some of Dovigi’s business ties, but last week the US Department of Justice approved the acquisition under the Hart-Scott-Rodino Antitrust Improvements Act of 1976.
WCA has 37 collection and hauling operations, 27 transportation stations, three material recovery facilities, 22 garbage dumps and more than 1,000 collection vehicles moving across 11 US states.
With headquarters in Vaughan, Ontario, GFL is the fourth largest diversified environmental services company in North America, with more than 135,000 commercial and industrial clients including the city of Sault Ste. Marie.
Two years ago, GFL He signed a 10-year contract for US $ 750,000 for naming rights to Sault Ste. The predominant sport / entertainment venue in Mary, which has been renamed GFL Memorial Gardens.
On Wednesday, GFL announced that it won a contract for residential solid waste collection and recycling for a portion of the Niagara Region.
The assembly will begin at Grimsby, Lincoln, Pelham, Thorold, Wainfleet and West Lincoln on October 19.
GFL shares were down 9 percent on the day the Spruce Point report was released, but their value has recovered largely as trading closes Thursday.