MONTRÉAL, Feb. 11, 2016 /CNW Telbec/ - NOVACAP, a Canadian leader in private equity, and Developpement EDB Inc. today announced that they have reached an agreement to sell Enviro-Viridis Inc., a company specializing in waste management that offers vertically integrated services, and its subsidiary corporations ("CDEV") to GFL Environmental Inc., a diversified environmental services company providing a full range of environmental services nationwide. CDEV is a portfolio company of the NOVACAP Industries III fund and the transaction is scheduled to close on March 1, 2016, subject to customary closing conditions.
"We will benefit from GFL's expertise, national network and financial support to continue our growth and consolidate our leadership position in a highly competitive market", mentioned Richard Lafrenière, President of Enviro-Viridis. "GFL will also allow us to go beyond the borders of Quebec and serve our customers nationwide. The transaction will not change our daily operations and we will continue to give, as we have always done, the best service to our customers thanks to the dedication of our employees", said Developpement EDB President, Gilles Bergeron.
"We are very excited to welcome Richard Lafrenière and Yazan Kano in our team, along with all of the employees of Enviro-Viridis", declared Patrick Dogivi, Founder and CEO of GFL Environmental. "This acquisition further diversifies our service offerings in the province of Québec and will give us another platform to grow in other markets in Canada."
"From our acquisition of Camille Fontaine & Fils in 2009 and the numerous add-on acquisitions that followed, NOVACAP, along with the management team, have built Enviro-Viridis into a major player in the environmental sector in Québec", said Domenic Mancini, Senior Partner at NOVACAP. "Now it is time for Enviro-Viridis to stand on its own in the Canadian market, and the transaction with GFL Environmental will contribute to make that happen."
ABOUT GFL ENVIRONMENTAL INC.
GFL, headquartered in Toronto, ON, is a Canadian diversified environmental services company offering services in solid waste management, liquid waste management and soil remediation. Through its national platform of Canadian operations, GFL serves approximately 38,000 commercial, industrial and institutional customers, more than 1.8 million households under municipal collection contracts and has a workforce of more than 2,700 employees. For more information about GFL Environmental, please consult www.gflenv.com .
Founded in 2009 with the acquisition of Camille Fontaine & Fils, Enviro-Viridis is a leader in the management of residual materials from municipal, commercial and institutional collection, as well as construction and demolition waste. Enviro-Viridis stands out from its competitors with its three CRD sorting centers and its two landfills for dry waste materials. Since 2011, after the merge with Enlèvement de Déchets Bergeron Inc. (EDB), the rapid development of the company has been accelerated with the acquisition of six complementary businesses.
With assets under management of over $1.5 billion, NOVACAP has consistently been recognized as one of the leading private equity firms in Canada since 1981. Its unique collaborative approach with entrepreneurs, based on deep operational expertise and active management of its investment, has helped accelerate growth and maximize value of more than 70 companies across North America. NOVACAP's culture is based on creating long-term value through an investment philosophy focused on discipline and growth. With an experienced management team and substantial financial resources, NOVACAP is well positioned to continue building world-class companies. For more information, please visit www.novacap.ca.
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