GFL acquisition of Terrapure for $743.8 million finalized, excludes battery recycling operations
GFL Environmental has closed the previously announced acquisition of the solid waste and environmental solutions business of Terrapure Environmental Ltd. and its subsidiaries. For an aggregate purchase price of $743.8 million, the acquisition includes all Terrapure assets, excluding the company's battery recycling business.
"Terrapure brings a high-quality, complementary network of assets and customer base to our existing solid and liquid waste operations and expands our service offerings in several regional markets," said Patrick Dovigi, Founder and Chief Executive Officer of GFL. "This strategically located network of assets and Terrapure's strong operating margins are expected to be immediately accretive to free cash flow and provide opportunities for us to continue to pursue our growth strategy."
In March 2021, GFL Environmental entered into a definitive agreement to acquire the solid waste and environmental solutions business of Terrapure for C$927.5 million.
Terrapure is an integrated provider of solid and liquid waste management and industrial services to more than 7,000 customers across Canada. Terrapure's environmental and organics solutions cover a diverse range of waste streams from generation through collection, processing, recovery, recycling, reuse and disposal through its integrated network of assets including its landfill and its liquid and solid waste collection and processing facilities. According to Terrapure, their operations acquired generated revenue of approximately C$365 million in 2020, inclusive of COVID related volume impacts.
"All of their service offerings are currently provided by GFL resulting in expected integration and cross-selling opportunities, as well as the expansion of our operations into new regions," said Dovigi, concluding: "We are excited to welcome the over 1,600 Terrapure employees to the GFL family."