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On August 7, 2025, Green Infrastructure Partners (GIP), the infrastructure arm spun out of Canadian waste-management company GFL Environmental Inc. in 2022, has secured a $775-million investment from New Jersey-based private equity firm Energy Capital Partners. Of the total, $585 million will be distributed to existing shareholders and $175 million will fund future acquisitions. GFL, which is publicly traded, will receive $200 million from the proceeds and retain a 30% stake in GIP, while HPS Investment Partners and GFL founder Patrick Dovigi remain minority shareholders.
The transaction marks GFL’s second major recapitalization in 2025, following the sale of a majority stake in its environmental-services division earlier this year - a move that allowed GFL to pay down debt and repurchase shares from major investors such as BC Partners and Ontario Teachers’ Pension Plan. Since its spinout, GIP has grown through acquisitions, including Coco Paving Inc. and Aecon Group Inc.’s road-building business in Eastern Ontario for $235 million in cash (approximately C$320 million at the time). GIP’s expansion has faced challenges from project cost inflation and executive turnover, but the latest deal bolsters its position for further growth.
Latham & Watkins represented GFL Environmental Inc., while McCarthy Tétrault and Milbank LLP advised Energy Capital Partners in the transaction.
Parties
Company
GFL Environmental Inc.
Company
Energy Capital Partners, LLC
Deal Type
Financing/InvestmentIndustry
InfrastructureTransaction
$ 775,000,000Deal Status
ActiveClosing Date