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

Rhea-AI Summary

GFL (NYSE: GFL) closed the acquisition of Frontier Waste Solutions, adding a vertically integrated network across 24 Texas sites, supported by a fleet of 650+ vehicles and nearly 1,000 employees. Frontier shareholders rolled US$100 million of proceeds into GFL shares. GFL completed seven additional tuck-ins year-to-date expected to contribute $425.0–$450.0 million of aggregate annualized revenue and issued 2,582,463 subordinate voting shares as partial consideration. Transactions were financed via credit facility, cash on hand and share issuance, with GFL targeting 2026 net leverage of low to mid 3s.

Positive

• Adds 24 Texas sites expanding Southern US footprint
• Adds a fleet of 650+ vehicles and ~1,000 employees
• Frontier shareholders rolled US$100 million into GFL shares
• YTD tuck-ins expected to add $425.0–$450.0M annualized revenue
• Transaction funding preserves cash while deploying strategic capital

Negative

• Issued 2,582,463 subordinate voting shares as partial consideration
• Acquisitions financed in part via credit facility, increasing leverage use

News Market Reaction – GFL

+4.41%

1 alert

+4.41% Session close to close

$15.66B Market Cap

0.1x Rel. Volume

In the Apr 1 session, GFL gained 4.41%, reflecting a moderate positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

Market Context

This announcement details GFL’s densification strategy in the Southern U.S., anchored by the Frontie...

Analysis

This announcement details GFL’s densification strategy in the Southern U.S., anchored by the Frontier acquisition and seven additional tuck-in deals expected to add $425.0–$450.0 million in annualized revenue. Frontier shareholders rolling US$100 million into GFL stock and management’s commitment to a 2026 Net Leverage target in the low to mid 3s underscore a growth-with-discipline message. Investors may focus on integration progress, updated 2026 guidance, and how these assets contribute to EBITDA and free cash flow over time.

Key Figures

Frontier sites: 24 sites Frontier fleet: Over 650 vehicles Frontier employees: Nearly 1,000 employees +5 more

8 metrics

Frontier sites 24 sites Vertically integrated solid waste assets in Texas

Frontier fleet Over 650 vehicles Fleet supporting Frontier’s Texas operations

Frontier employees Nearly 1,000 employees Workforce at acquired Frontier Waste Solutions

Rolled proceeds US$100 million Frontier shareholders rolled into GFL shares

Additional acquisitions Seven tuck-in acquisitions Completed year-to-date across multiple geographies

Added annualized revenue $425.0–$450.0 million Expected aggregate annualized revenue from 2026 YTD acquisitions

Share issuance 2,582,463 shares Subordinate voting shares issued as partial acquisition consideration

Net Leverage target Low to mid 3s Stated 2026 Net Leverage target after acquisitions

Historical Context

5 past events · Latest: 2026-03-27 (Neutral)

Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
2026-03-27	Earnings date set	Neutral	-2.0%	Announced timing and access details for upcoming Q1 2026 earnings release.
2026-02-27	Share repurchase plan	Positive	+0.8%	Renewed NCIB allowing repurchase of up to 27.4M subordinate voting shares.
2026-02-11	Earnings & guidance	Positive	-6.2%	Reported 2025 results with higher Adjusted EBITDA and FCF plus 2026 guidance.
2026-01-21	HQ relocation	Positive	+4.8%	Relocated executive HQ to Miami Beach to align with U.S. growth and indices.
2026-01-15	Earnings date set	Neutral	+2.1%	Set release and call dates for FY 2025 results and 2026 guidance.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

Strategic updates and capital returns have often seen positive alignment, while at least one strong earnings report triggered a negative divergence in the share price.

Recent Company History

Over the past several months, GFL reported strong 2025 results with $1,985.0 million Adjusted EBITDA and $755.9 million Adjusted Free Cash Flow, alongside sizeable share repurchases and reduced Net Leverage to 3.4x. The company also renewed a sizable NCIB and moved its executive headquarters to Miami Beach to reflect that over two thirds of revenue now comes from the U.S. Today’s acquisition-driven densification in Texas builds on this strategy of U.S.-focused growth, balance sheet optimization and active capital deployment into M&A.

Key Terms

vertically integrated, subordinate voting shares, Net Leverage, credit facility, +1 more

5 terms

vertically integrated technical

"Frontier Waste Solutions ("Frontier"), a vertically integrated network of solid waste assets"

Vertically integrated describes a company that owns and controls multiple steps in making and selling its products or services — for example sourcing raw materials, manufacturing, and distribution. Like a bakery that grows its own wheat, mills the flour, bakes the bread and runs the shops, this setup can lower costs, improve quality and speed to market and protect profit margins, but it also requires more capital and can reduce flexibility.

subordinate voting shares financial

"the issuance of 2,582,463 subordinate voting shares as partial consideration"

Subordinate voting shares are a type of company stock that typically carry fewer voting rights than regular shares, meaning holders have less influence over company decisions. They are often used to raise capital while allowing founders or main shareholders to retain control. For investors, understanding the difference helps assess their level of influence in company decisions and the potential risks or benefits of holding different types of shares.

Net Leverage financial

"maintaining our 2026 Net Leverage target of low to mid 3s"

Net leverage measures how many years it would take for a company to pay off its outstanding debt using its annual operating cash flow, after subtracting cash on hand from total debt. Think of it like a household’s mortgage balance minus savings divided by yearly income; a lower number means the company is in a safer position to handle debt, while a higher number signals greater financial risk and potential pressure on profits or growth.

credit facility financial

"GFL financed the acquisitions completed year-to-date through its credit facility"

A credit facility is a flexible loan arrangement that allows a borrower to access funds up to a set limit whenever needed, similar to a company having an overdraft option on a bank account. It matters to investors because it indicates how easily a business can secure cash when required, affecting its ability to manage expenses, invest, or respond to financial challenges.

tuck-in acquisitions financial

"we have completed seven other tuck-in acquisitions across multiple geographies"

A tuck-in acquisition is a small company purchase that is quickly folded into the buyer’s existing operations, like adding a single app to a phone rather than replacing the whole device. Investors care because these deals can boost revenue or add useful capabilities with lower cost and disruption than a big takeover, potentially improving profit per share, but they still carry integration and financing risks that can affect returns.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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MIAMI BEACH, FL, April 1, 2026 /PRNewswire/ - 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

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SOURCE GFL Environmental Inc.

FAQ

What did GFL announce about the Frontier Waste Solutions acquisition on April 1, 2026?

GFL closed the acquisition of Frontier, adding 24 Texas sites and a fleet of 650+ vehicles. According to GFL, Frontier shareholders rolled US$100 million of proceeds into GFL shares and Frontier management will remain with the combined business.

How much annualized revenue will GFL's year-to-date acquisitions contribute in 2026 (GFL)?

GFL expects its year-to-date tuck-in acquisitions to contribute $425.0–$450.0 million in annualized revenue. According to GFL, that aggregate figure includes the Frontier transaction and seven additional tuck-in acquisitions completed since the start of the year.

How did GFL finance the Frontier acquisition and other 2026 transactions?

GFL financed the acquisitions using its credit facility, cash on hand and share issuance. According to GFL, the company issued 2,582,463 subordinate voting shares as partial consideration for the transactions.

What ownership stake did Frontier shareholders take in GFL after the deal (GFL)?

Frontier shareholders rolled US$100 million of transaction proceeds into GFL shares, becoming shareholders of GFL. According to GFL, Frontier senior management will continue to lead the business as employees and shareholders.

Will the Frontier acquisition change GFL's leverage targets for 2026 (GFL)?

GFL says it expects to maintain a 2026 net leverage target of low to mid 3s despite acquisitions. According to GFL, the strength of its balance sheet and organic growth support continued deployment of capital into acquisitions.

How does the Frontier deal affect GFL's presence in Texas and growth outlook (GFL)?

The acquisition densifies GFL's footprint in the Texas Triangle, strengthening regional presence and service capacity. According to GFL, favorable market dynamics and Frontier management expertise are expected to support outsized revenue growth in coming years.