SCHEDULE: GFL Environmental CEO Dovigi Amends 6.8% Stake
Beneficial Ownership Report (Schedule 13G Amendment)
Patrick Dovigi, CEO of GFL Environmental Inc., has filed an amendment to his beneficial ownership, reporting a 6.8% stake in the company's Subordinate Voting Shares as of September 30, 2025.
Summary
- Patrick Dovigi beneficially owns an aggregate of 25,688,228 Subordinate Voting Shares of GFL Environmental Inc.
- This ownership represents 6.8% of the class, calculated based on 351,531,865 Subordinate Voting Shares outstanding as of June 30, 2025.
- The beneficial ownership includes 312,301 multiple voting shares convertible on a one-for-one basis, and options exercisable within 60 days into 13,875,262 Subordinate Voting Shares held directly.
- Additionally, 2 Subordinate Voting Shares are held directly by Omega Jo Inc., an entity controlled by Patrick Dovigi.
- An additional 11,500,663 multiple voting shares, convertible on a one-for-one basis, are held in trusts established for the benefit of immediate family members, for which Patrick Dovigi serves as trustee with investment and voting discretion.
- Patrick Dovigi, his affiliates (the 'Dovigi Group'), and BC Partners Advisors, L.P. and its affiliates may be deemed a 'group' for purposes of Section 13(d) of the Exchange Act due to an Investor Rights Agreement dated March 5, 2020, though Dovigi disclaims beneficial ownership of shares held by BC Partners.
Sentiment
Score: 5
Explanation: The filing is a factual disclosure of beneficial ownership, providing no explicit positive or negative performance indicators or forward-looking statements that would alter sentiment.
Industry Context
This filing is a routine disclosure required by the SEC when an individual or group acquires or amends a beneficial ownership stake exceeding 5% in a publicly traded company. It provides transparency regarding significant shareholder positions, particularly from insiders like the CEO, which can signal management's confidence in the company. The mention of a 'group' with BC Partners highlights a significant institutional investor's involvement alongside management.
Corporate Governance
| Change Type | Description | Effective Date | Impact Assessment |
|---|---|---|---|
| Beneficial Ownership Group Disclosure | Patrick Dovigi, his affiliates, and BC Partners and its affiliates may be deemed a 'group' for Section 13(d) purposes due to an Investor Rights Agreement. Patrick Dovigi disclaims beneficial ownership of BC Partners' shares. | March 5, 2020 | This indicates a coordinated approach or understanding among significant shareholders, potentially influencing voting power or strategic decisions, although the reporting person disclaims ownership of the other group members' shares. |
Related Party Transactions
- An Investor Rights Agreement dated March 5, 2020, exists between Patrick Dovigi (the Reporting Person and CEO), certain of his affiliates (the 'Dovigi Group'), the Issuer (GFL Environmental Inc.), and BC Partners Advisors, L.P. and certain of its affiliates. This agreement governs rights and relationships concerning their shareholdings.
Stakeholder Impact
- Shareholders: Provides transparency regarding the CEO's significant ownership stake and potential coordination with a major institutional investor (BC Partners), which can influence perceptions of control and alignment of interests.
- Regulatory Authorities: Fulfills SEC disclosure requirements for significant beneficial ownership.
Key Dates
| Date | Description |
|---|---|
| March 5, 2020 | Date of the Investor Rights Agreement among Patrick Dovigi, his affiliates, GFL Environmental Inc., and BC Partners Advisors, L.P. |
| June 30, 2025 | Date as of which the number of outstanding Subordinate Voting Shares (351,531,865) was reported for percentage calculation. |
| September 30, 2025 | Date of the event which required the filing of this statement. |
| November 7, 2025 | Date of signature for the Schedule 13G Amendment No. 5 filing. |
Keywords
GFL Environmental Inc., Patrick Dovigi, Schedule 13G, beneficial ownership, Subordinate Voting Shares, insider ownership, corporate governance, SEC filing
Disclaimer:The information provided here is for general informational purposes only and does not constitute financial advice, recommendation, or endorsement of any kind. It may contain errors or omissions. You should not rely on this information to make financial decisions. Always seek the advice of a qualified financial professional before making any investment or financial decisions. Use of this information is at your own risk.