GFL to acquire Canada Fibers
GFL Environmental Inc. has entered into a definitive agreement to acquire Canada Fibers Ltd. and its affiliates. The transaction, which is expected to close in the third quarter of 2019, is subject to customary regulatory approvals.
Based in Toronto, Canada, Canada Fibers has been a leading operator of material recovery facilities for the recovery and processing of recyclable materials for more than 28 years. Canada Fibers provides recycling processing services to municipalities across Ontario, including the City of Toronto through its technologically advanced single-stream Arrow Road facility in Toronto, and to its institutional, commercial and industrial customers. Canada Fibers has also been awarded the contract to design, build and operate an advanced single-stream material recovery facility in Winnipeg, Manitoba, which will commence operations in the fourth quarter of 2019.
"Given the current state of commodity markets, we believe that now is the right time for GFL to acquire Canada Fibers, with its long established relationships with recyclable material buyers and its expertise in operating single-stream material recovery facilities," said Patrick Dovigi, GFL's founder and chief executive officer.
"The addition of Canada Fibers' operations to GFL's existing collection networks will create new opportunities to provide integrated collection, sorting, processing and marketing of recyclable materials. Canada Fibers is led by an experienced management team including Joe Miranda, who has over 40 years of industry experience, and we are excited to have Joe and the employees of Canada Fibers join the GFL team."