There was an intensity behind GFL Environmental Inc.’s deal with Private Equity buyers BC Partners and Ontario Teachers’ Pension Plan. That makes sense, given the $5.1-billion in enterprise value transaction is Canada’s largest private management buyout to date.
And why was this the right time for such a large deal to close in Canada? “Perhaps private equity views Canada as a somewhat more stable venue for capital deployment,” speculates a Toronto M&A lawyer who worked on the deal. “Given the number of significant Canadian companies with the vast amount of un-deployed private capital, there is reason for cautious optimism that we will see more blockbuster partnerships forged in Canada.”