Add-on Acquisition • Environmental

Red Dog Equity and Monroe Capital Exits Superior USA Waste

On September 9, 2025, GFL Environmental invested in environmental company Superior USA Waste from Red Dog Equity and Monroe Capital

Investment Context
  • This is GFL Environmental’s 23rd transaction in the Environmental sector.
  • This is GFL Environmental’s 10th transaction in the United States.
  • This is GFL Environmental’s 1st transaction in Oklahoma.

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Investment Summary

Date September 9, 2025
Target Superior USA Waste
Sector Environmental
Investor(s) GFL Environmental
Sellers(s) Red Dog Equity
Monroe Capital
Deal Type Add-on Acquisition
Advisor(s) Stifel (Financial)

Target Company

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.
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Investor Overview 1

Investor

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 Context for Investor #
Overall 25 of 25
Sector: Environmental 23 of 23
Type: Add-on Acquisition 18 of 18
State: Oklahoma 1 of 1
Country: United States 10 of 10
Year: 2025 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2025-01-07 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.

Sell $8.0B

Seller Profiles 2

DESCRIPTION

Red Dog Equity is a private equity firm focused on founder and manager owned businesses in the lower-middle market. Red Dog considers stable business with annual EBITDA of $2 to $20 million and looks to be a long-term investor. The Firm prefers control positions in a variety of industries including environmental and industrial services, manufacturing, distribution, healthcare, restaurants, and retail. Red Dog Equity was established in 2017 and is headquartered in Atlanta, Georgia.


Deal Context for Seller #
Overall 1 of 1
Sector: Environmental 1 of 1
Type: Add-on Acquisition 1 of 1
State: Oklahoma 1 of 1
Country: United States 1 of 1
Year: 2025 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-04-11 ADL Delivery

Thonotosassa, Florida, United States

ADL Final Mile specializes in business-to-business delivery and fleet replacement for the automotive distributor industry. ADL also offers truckload deliveries, less than truckload deliveries, pallet deliveries, and other final mile logistics services. ADL Delivery is based in Thonotosassa, Florida.

Buy -
SELLER

Monroe Capital

Chicago, Illinois, United States

Investor Investor Investor Investor Investor


Category Lender
Founded 2004
PE ASSETS 14.1B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Monroe Capital is a provider of senior and junior debt and equity co-investments to middle-market companies in the US and Canada. Investment types include unitranche financings, cash flow and enterprise value based loans, asset based loans, acquisition facilities, mezzanine debt, second lien or last-out loans and equity co-investments. Monroe Capital is a generalist investor and will consider companies in the healthcare, technology, media, retail, consumer sectors. Monroe Capital was formed in 2004 and is based in Chicago, Illinois.


Deal Context for Seller #
Overall 54 of 55
Sector: Environmental 1 of 1
Type: Add-on Acquisition 28 of 29
State: Oklahoma 2 of 2
Country: United States 54 of 54
Year: 2025 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2025-08-07 Mooring USA

Grand Prairie, Texas, United States

Mooring USA specializes in fire, water, wind damage, mold remediation, reconstruction, and remodels. Mooring serves a broad, nationwide range of clients, including commercial, industrial, government, healthcare, and property management sectors. Mooring USA was founded in 2004 and is based in Grand Prairie, Texas.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2025-10-23 Norwood Sawmills

Oro-Medonte, Ontario, Canada

Norwood Sawmills is a provider of portable consumer-sized sawmills, as well as related consumables, accessories, and equipment, and serves as a global outdoor equipment and lifestyle brand. Norwood Sawmills is based in Oro-Medonte, Ontario.

Sell -