GFL Environmental (NYSE: GFL) adds Frontier, up to $450M revenue
Rhea-AI Filing Summary
GFL Environmental Inc. has closed its acquisition of Frontier Waste Solutions, a vertically integrated solid waste operator with 24 sites in Texas, supported by over 650 vehicles and nearly 1,000 employees. Frontier’s CEO and other shareholders rolled US$100 million of proceeds into GFL shares, aligning their interests with the company.
Since the start of the year, GFL has completed Frontier and seven other tuck-in deals that together are expected to contribute $425.0 to $450.0 million in aggregate annualized revenue. Management expects these transactions to support a meaningful increase to its 2026 guidance while still targeting Net Leverage in the low to mid 3s. GFL financed year-to-date acquisitions through its credit facility, cash on hand and the issuance of 2,582,463 subordinate voting shares.
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Insights
GFL accelerates growth via Texas platform deal and multiple tuck-ins while holding leverage targets.
GFL Environmental has acquired Frontier Waste Solutions, adding a dense network of 24 Texas sites, over 650 vehicles and nearly 1,000 employees. Management highlights the Texas Triangle as a fast-growing region, suggesting the new assets could support outsized revenue growth within its U.S. footprint.
Including Frontier and seven additional tuck-in acquisitions, GFL expects $425.0 to $450.0 million in aggregate annualized revenue from year-to-date deals. Frontier’s CEO and other shareholders rolling US$100 million into GFL shares signals confidence in the combined platform and tight alignment with existing shareholders.
Management states that, with these transactions closed, it is positioned to meaningfully increase 2026 guidance while still targeting Net Leverage in the low to mid 3s. Acquisitions were funded via the credit facility, cash and 2,582,463 new subordinate voting shares, so future disclosures on revenue realization and leverage at the upcoming first-quarter results will help quantify the impact.
Key Figures
Key Terms
vertically integrated financial
tuck-in acquisitions financial
Net Leverage financial
forward-looking statements regulatory
annualized revenue financial
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
OF THE SECURITIES EXCHANGE ACT OF 1934
For the month of April 2026
Commission File Number: 001-39240
GFL Environmental Inc.
(Translation of registrant’s name into English)
1759 Purdy Avenue, Suite 300
Miami Beach, Florida 33139
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F ¨ Form 40-F x
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ¨
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ¨
EXHIBIT INDEX
The following Exhibit 99.1 is furnished as part of this Current Report on Form 6-K.
| Exhibit Number |
Description | |
| 99.1 | Press Release, dated April 1, 2026 |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| GFL Environmental Inc. | ||
| Date: April 1, 2026 | By: | /s/ Mindy Gilbert |
| Name: Mindy Gilbert | ||
| Title: Executive Vice President and Chief Legal Officer | ||
Exhibit 99.1
GFL Environmental Announces Densification of Southern US Footprint with the Acquisition of Frontier Waste Solutions and Provides an update on year-to-date M&A activity
MIAMI BEACH, FL – April 1, 2026 – GFL Environmental Inc. (NYSE: GFL) (TSX: GFL) (“GFL” or the “Company”) today announced the closing of the acquisition of Frontier Waste Solutions (“Frontier”), a vertically integrated network of solid waste assets across 24 sites in Texas. The Frontier assets are supported by a fleet of over 650 vehicles and nearly 1,000 employees.
“We have admired watching Frontier grow into a leading regional business under CEO John Gustafson’s leadership,” said Patrick Dovigi, Founder and Chief Executive Officer of GFL. “John and the other Frontier shareholders have rolled US$100 million of transaction proceeds into GFL shares, a testament to their belief in the future value creation opportunities of the combined businesses. We are excited that John and Frontier’s other senior management will continue to lead the business going forward as both employees and shareholders of GFL.”
Mr. Dovigi added, “The acquisition of Frontier provides a highly complementary set of assets that densifies our footprint and strengthens our presence in the Texas Triangle, one of the fastest growing regions in the United States. The favorable market dynamics in this region combined with deep expertise of the Frontier management team are expected to drive outsized revenue growth over the coming years. The acquisition also enhances our ability to deliver reliable, essential services to the communities that we serve in this market.”
Mr. Dovigi continued, “In addition to the acquisition of Frontier, since the start of the year we have completed seven other tuck-in acquisitions across multiple geographies, further densifying our existing footprint. Together, these acquisitions are expected to contribute $425.0 to $450.0 million in aggregate annualized revenue.”
Mr. Dovigi concluded, “We continue to demonstrate our ability to successfully execute our growth strategy of pursuing strategic and accretive acquisitions. With the transactions closed to date, we are positioned to meaningfully increase our guidance for 2026 when we report our first quarter results later this month. Furthermore, the strength of our balance sheet and our industry leading organic growth allow us to deploy capital into these acquisitions while maintaining our 2026 Net Leverage target of low to mid 3s.”
GFL financed the acquisitions completed year-to-date through its credit facility, cash on hand and the issuance of 2,582,463 subordinate voting shares as partial consideration for the acquisitions.
About GFL
GFL is the fourth largest diversified environmental services company in North America, providing comprehensive solid waste management services from its platform of facilities throughout Canada and 18 U.S. states. GFL has a workforce of more than 15,000 employees across its organization.
Forward Looking Statements
This release includes certain “forward-looking statements” and “forward-looking information” (collectively, “forward-looking information”), within the meaning of applicable U.S. and Canadian securities laws, respectively, including statements relating to the expected annualized revenue from recent acquisitions, maintaining the Company’s leverage levels and increasing the Company’s 2026 outlook. In some cases, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “targets”, “expects” or “does not expect”, “is expected”, “an opportunity exists”, “budget”, “scheduled”, “estimates”, “outlook”, “forecasts”, “projection”, “prospects”, “strategy”, “intends”, “anticipates”, “does not anticipate”, “believes”, or “potential” or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might”, “will”, “will be taken”, “occur” or “be achieved”, although not all forward looking information includes those words or phrases. In addition, any statements that refer to expectations, intentions, projections, guidance, potential or other characterizations of future events or circumstances contain forward-looking information. Statements containing forward-looking information are not historical facts nor assurances of future performance but instead represent management's expectations, estimates and projections regarding future events or circumstances.
Forward-looking information is based on our opinions, estimates and assumptions that we considered appropriate and reasonable as of the date such information is stated, is subject to known and unknown risks, uncertainties, assumptions and other important factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward- looking information. Important factors that could materially affect our forward-looking information can be found in the “Risk Factors” section of GFL’s annual information form for the year ended December 31, 2025 and GFL’s other periodic filings with the U.S. Securities and Exchange Commission and the securities commissions or similar regulatory authorities in Canada. Shareholders, potential investors and other readers are urged to consider these risks carefully in evaluating our forward-looking information and are cautioned not to place undue reliance on such information. There can be no assurance that the underlying opinions, estimates and assumptions will prove to be correct. Although we have attempted to identify important risk factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors not currently known to us or that we currently believe are not material that could also cause actual results or future events to differ materially from those expressed in such forward- looking information. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. The forward-looking information contained in this release represents our expectations as of the date of this release (or as the date it is otherwise stated to be made), and is subject to change after such date. However, we disclaim any intention or obligation or undertaking to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required under applicable U.S. or Canadian securities laws.
For more information:
Patrick Dovigi
+1 905-326-0101
pdovigi@gflenv.com