Canadian waste management company GFL Environmental Inc said a group of investors led by UK-based BC Partners, Ontario Teachers Pension Plan, and others will provide new funding, giving GFL an enterprise value of $5.13 billion.
As a part of the transaction, GFL's Chief Executive maintain his ownership in the company, while the new investors will acquire the interests of current partners including funds managed or associated with HPS Investment Partners, Macquarie Infrastructure Partners III, and Hawthorn Equity Partners.
It was reported in November that GFL was seeking to raise as much as C$1 billion ($783.9 million) in an initial public offering.
In February 2016, GFL acquired Services Matrec Inc. for around $800 million. The purchase represented GFL's largest acquisition in its history and increased its total valuation to roughly $2.4 billion.