Investment Summary

Hawthorn Equity Partners Exit GFL Environmental

On April 22, 2018, private equity firm BC Partners, pension Ontario Teachers Pension Plan and asset manager NB Private Equity Partners invested in environmental company GFL Environmental from Hawthorn Equity Partners

Investment Highlights
  • This is BC Partners’ 1st, Ontario Teachers Pension Plan’s 1st and NB Private Equity Partners’ 1st transaction in the Environmental sector.
  • This is BC Partners’ 1st, Ontario Teachers Pension Plan’s 19th and NB Private Equity Partners’ 1st transaction in Canada.
  • This is BC Partners’ 1st, Ontario Teachers Pension Plan’s 10th and NB Private Equity Partners’ 1st transaction in Ontario.
Investment Fate
  • GFL Environmental went public in 2020.

Investment Summary

Date 2018-04-22
Target GFL Environmental
Sector Environmental
Investor(s) BC Partners
Ontario Teachers Pension Plan
NB Private Equity Partners
Sellers(s) Hawthorn Equity Partners
Deal Type Recapitalization

Target

GFL Environmental

Vaughan, Ontario, Canada
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.

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Investor(S) 3

Investor

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 80 of 99
Sector: Environmental M&A 1 of 2
Type: Recapitalization M&A Deals 1 of 3
State: Ontario M&A 1 of 2
Country: Canada M&A 1 of 3
Year: 2018 M&A 2 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-02-08 Zest Dental Solutions

Carlsbad, California, United States

Zest Dental Solutions is a provider of dental solutions across a continuum of patient care. Zest is widely known as the global leader in reliable, innovative restorative solutions for the treatment of edentulous patients. In recent years, Zest has strengthened its offering by expanding the breadth of its product portfolio, with acquisitions of restorative consumables and small equipment products. Zest Dental Solutions was founded in 1977 and is based in Carlsbad, California.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-06-13 Forno d Asolo

Maser, Italy

Forno d’Asolo, which makes frozen pastry and bakery products, is expected to report core profits of 25 million euros for this year. Forno d'Asolo was founded in 1985 and is based in Maser, Italy.

Buy €300M
Investor

Ontario Teachers Pension Plan

Toronto, Ontario, Canada

Investor Investor Investor Investor Investor


Category Pension
Founded 1990
PE ASSETS 116.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Teachers' Private Capital is the direct investment arm of the Ontario Teachers' Pension Plan. Teachers' Private Capital considers both private equity and venture related investments in North America, Europe, and Asia. Teachers' can support direct private equity investments between $100 million and $3 billion. Target sectors include business services, consumer products, retail, diversified industrials, financial services, technology, media, and communications. Teachers' Private Capital also makes private equity fund investments between $50 million and $750 million. Teachers' Private Capital was formed in 1991 and is based in Toronto, with additional offices in London and New York.


DEAL STATS #
Overall 113 of 176
Sector: Environmental M&A 1 of 2
Type: Recapitalization M&A Deals 3 of 3
State: Ontario M&A 10 of 15
Country: Canada M&A 19 of 26
Year: 2018 M&A 1 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-03-07 Heartland Dental

Effingham, Illinois, United States

Heartland Dental is a dental support organization, providing non-clinical administrative support services to over 840 offices and more than 1,300 supported dentists across 35 states. Heartland Dental partners with its supported dentists to deliver high quality care across the full spectrum of dental services. Heartland Dental was founded in 1997 and is headquartered in Effingham, Illinois.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-05-10 Helly Hansen

Oslo, Norway

Helly Hansen develops professional-grade apparel that helps people stay and feel alive. Within its core categories of sailing, skiing, mountain, urban, rainwear, and workwear, Helly Hansen designs and delivers products used by professionals and outdoor enthusiasts around the world. Helly Hansen was formed in 1877 and is headquartered in Oslo, Norway.

Sell $985M
DESCRIPTION

NB Private Equity Partners is a publicly traded asset manager focused on acquiring direct investments in privately held companies. The Firm principally targets businesses in the US and looks to invest alongside other private equity managers when considering opportunities. NB Private Equity Partners is headquartered in the UK, with an additional office in the US.


DEAL STATS #
Overall 21 of 39
Sector: Environmental M&A 1 of 1
Type: Recapitalization M&A Deals 2 of 4
State: Ontario M&A 1 of 1
Country: Canada M&A 1 of 1
Year: 2018 M&A 3 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-04-03 BeyondTrust

Johns Creek, Georgia, United States

BeyondTrust is a provider of secure access solutions. BeyondTrust enables customers to quickly access and protect endpoints, defend privileged credentials, and support technology end-users to help businesses fight cyber threats while speeding performance. BeyondTrust was founded in 2003 and is based in Johns Creek, Georgia.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-07-30 Jet Parts Engineering

Seattle, Washington, United States

Jet Parts Engineering designs proprietary OEM-alternative parts and provides repair services for the commercial aerospace industry. The company offers proprietary aftermarket replacement components, known as Parts Manufacturer Approval (PMA) parts, along with complementary proprietary component repair services, referred to as Designated Engineering Representative (DER) repairs. Jet Parts Engineering was founded in 1994 and is based Seattle, Washington.

Buy -

Seller(S) 1

SELLER

Hawthorn Equity Partners

Chicago, Illinois, United States

Category Private Equity Firm
Founded 2005
Size Small
Type Sector Agnostic
DESCRIPTION

Hawthorn Equity Partners is a private equity firm focused on investing in growth-oriented, middle-market companies across North America. Hawthorn does not have any sector preferences and will invest in a variety of situations or business stages. Transaction situations include companies in need of growth capital, recapitalizations, family successions, special situations, carve-outs, and consolidations. Hawthorn Equity Partners is based in Chicago.


DEAL STATS #
Overall 9 of 10
Sector: Environmental M&A 1 of 1
Type: Recapitalization M&A Deals 1 of 1
State: Ontario M&A 4 of 4
Country: Canada M&A 5 of 5
Year: 2018 M&A 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-01-04 NGRAIN

Vancouver, British Columbia, Canada

NGRAIN (Canada) Corp. is a designer, developer and marketer of 3D graphics-based software content and tools to primarily service the Military and Commercial aerospace sectors. NGRAIN (Canada) Corp. was established in 2000 and is based in Vancouver, British Columbia.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-02-13 Halston

Los Angeles, California, United States

Halston is an iconic luxury fashion brand. Throughout its history, Halston has launched some of the most influential fashion trends and inspired some of the most renowned creative designers in the fashion industry. Halston was founded in 1968 and is based in Los Angeles, California.

Sell -