M&A Deal Summary

BC Partners and Apollo Global Management Acquire GFL Environmental - Environmental Services Business

On January 7, 2025, private equity firm BC Partners and asset manager Apollo Global Management acquired environmental company GFL Environmental - Environmental Services Business from GFL Environmental for 8.0B USD

Acquisition Highlights
  • This is BC Partners’ 2nd and Apollo Global Management’s 1st transaction in the Environmental sector.
  • This is BC Partners’ 3rd and Apollo Global Management’s 6th largest (disclosed) transaction.
  • This is BC Partners’ 3rd and Apollo Global Management’s 5th transaction in Canada.
  • This is BC Partners’ 2nd and Apollo Global Management’s 4th transaction in Ontario.

M&A Deal Summary

Date 2025-01-07
Target GFL Environmental - Environmental Services Business
Sector Environmental
Buyer(s) BC Partners
Apollo Global Management
Sellers(s) GFL Environmental
Deal Type Divestiture
Deal Value 8.0B USD

Target

GFL Environmental - Environmental Services Business

Vaughan, Ontario, Canada
GFL Environmental's Environmental Services Business offers industrial and waste management services. GFL Environmental's Environmental Services Business is based in Vaughan, Ontario.

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Buyer(S) 2

Buyer

BC Partners

London, United Kingdom

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1986
PE ASSETS 30.0B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

BC Partners is a large investment group focused on private equity, credit, real estate, and co-investment strategies. The Firm's private equity group looks to make control investments in European and North American businesses valued above €300 million. Sectors of interest include healthcare, directory publishing, media, industrial products, food, distribution, manufacturing, consumer services, business services, and communications. BC Partners was formed in 1986 and is based in London, England.


DEAL STATS #
Overall 99 of 99
Sector: Environmental M&A 2 of 2
Type: Divestiture M&A Deals 11 of 11
State: Ontario M&A 2 of 2
Country: Canada M&A 3 of 3
Year: 2025 M&A 1 of 1
Size (of disclosed) 3 of 44
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-04-24 Aenova

Starnberg, Germany

Aenova is a provider in the development, manufacture and marketing of pharmaceuticals and dietary supplements for a broad range of customers in the pharmaceuticals and healthcare sector. Aenova was founded in 2006 and is based in Starnberg, Germany.

Sell -
Buyer

Apollo Global Management

New York, New York, United States

Investor Investor Investor Investor Investor


Category Asset Manager
Founded 1990
PE ASSETS 72.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Apollo Global Management is a global alternative investment firm. The Firm segments its activity between private equity, capital markets, real estate, and publicly traded investment funds. Within private equity, Apollo targets traditional buyouts, distressed situations, as well as minority investments to help companies make acquisitions or fund other needs. Sectors of interest include chemicals, commodities, consumer/retail, distribution, transportation, financial services, business services, manufacturing, industrial, media/cable/leisure, packaging, and satellite/wireless. Apollo's geographic coverage spans Europe, North America, and Asia. Apollo manages publicly traded Apollo Investment Corporation, which provides equity and junior capital to middle-market companies, as well as Apollo Commercial Real Estate Finance, Inc. Apollo Global Management was formed in 1990 and is based in New York City.


DEAL STATS #
Overall 143 of 151
Sector: Environmental M&A 1 of 1
Type: Divestiture M&A Deals 27 of 28
State: Ontario M&A 4 of 4
Country: Canada M&A 5 of 5
Year: 2025 M&A 1 of 9
Size (of disclosed) 6 of 51
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-11-18 State Group

Franklin, Tennessee, United States

State Group is a multi-trade industrial and specialty services contractor that provides comprehensive electrical and mechanical trade services to Fortune 100 companies in the power generation, automotive, oil and gas, communications, metals and transportation industries. The State Group performs over two million man-hours annually of retrofit, maintenance, construction and emergency services and maintains a tooling and equipment inventory to support its skilled workforce. State Group was founded in 1961 and is based in Franklin, Tennessee.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2025-02-12 Bold Production Services

Houston, Texas, United States

Bold Production Services provides high quality flowback and early production equipment to oil and gas operators. The company also provides consulting services and field support. Bold Production Services was founded in 2013 and is based in Houston, Texas.

Buy -

Seller(S) 1

SELLER

GFL Environmental

Vaughan, Ontario, Canada

Category Company
Founded 2007
Sector Environmental
Employees20,000
Revenue 7.9B CAD (2024)
DESCRIPTION

GFL Environmental is a diversified environmental services company providing a comprehensive line of solid waste, infrastructure & soil remediation, and liquid waste management services through its platform of facilities across Canada and in Southeastern Michigan. GFL has a workforce of more than 5,000 employees and provides its broad range of environmental services to more than 60,000 commercial and industrial customers and its solid waste collection services to more than 2.5 million households. GFL Environmental was founded in 2007 and is based in Vaughan, Ontario.


DEAL STATS #
Overall 3 of 3
Sector: Environmental M&A 3 of 3
Type: Divestiture M&A Deals 3 of 3
State: Ontario M&A 1 of 1
Country: Canada M&A 1 of 1
Year: 2025 M&A 1 of 1
Size (of disclosed) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-11-08 Fielding Environmental

Mississauga, Ontario, Canada

Fielding Environmental serves a wide variety of businesses to create high-quality products from chemical waste that are distributed worldwide. Fielding Environmental is based in Mississauga, Ontario.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2025-09-09 Superior USA Waste

Shawnee, Oklahoma, United States

Superior USA Waste provides solid waste management services, including waste collection, recycling, and disposal for residential, commercial, and municipal customers.. Superior USA Waste is based in Shawnee, Oklahoma.

Buy -