SCHEDULE 13G/A: Key Investment Funds Disclose Significant Stake in GFL Environmental Inc., Totaling Nearly 25% of Voting Shares

Multiple investment entities, including BCEC-GFL Borrower (Cayman) LP and GFL Borrower II (Cayman) LP, have filed an amended Schedule 13G disclosing a combined beneficial ownership of 24.9% of GFL Environmental Inc.'s Subordinate Voting Shares.

Summary

• BCEC-GFL Borrower (Cayman) LP directly holds 73,317,642 Subordinate Voting Shares of GFL Environmental Inc., representing 20.5% of the class.
• GFL Borrower II (Cayman) LP directly holds 15,880,789 Subordinate Voting Shares, representing 4.4% of the class.
• GFL Borrower Luxembourg S.a r.l., which wholly-owns the general partners of both BCEC-GFL Borrower (Cayman) LP and GFL Borrower II (Cayman) LP, beneficially owns an aggregate of 89,198,431 shares, equating to 24.9% of the Subordinate Voting Shares.
• BCEC GFL Holdings (Guernsey) L.P. and its general partner, BCEC Management X Limited, also beneficially own 89,198,431 shares, representing 24.9% of the class, due to their ownership structure.
• The calculations of beneficial ownership percentages are based on 357,752,975 Subordinate Voting Shares outstanding as of March 28, 2025.

Sentiment

Score: 5

Explanation: The document is a factual disclosure of beneficial ownership, providing no positive or negative performance indicators or forward-looking statements that would influence sentiment.

Risks

• The Reporting Persons disclaim beneficial ownership of any Subordinate Voting Shares that may be deemed to be beneficially owned by Magny Cours Investment Pte Ltd. and its affiliates.
• The Reporting Persons disclaim beneficial ownership of any Subordinate Voting Shares that may be deemed to be beneficially owned by Patrick Dovigi and his affiliates (the "Investor").
• Neither the filing of this Schedule 13G nor its contents should be deemed to constitute an admission that any Reporting Person is a member of a group with Magny Cours Investment Pte Ltd. and its affiliates for the purposes of Sections 13(d) and 13(g) of the Securities Exchange Act of 1934.
• Neither the filing of this Schedule 13G nor its contents should be deemed to constitute an admission that the Reporting Persons are members of a group with Patrick Dovigi and his affiliates for purposes of Section 13(d) of the Exchange Act, despite an existing Investor Rights Agreement.

Future Outlook

NA

Industry Context

This filing is a standard disclosure of significant ownership stakes in a publicly traded company within the environmental services and waste management industry. It reflects the continued investment by private equity and institutional funds in established companies like GFL Environmental Inc.

Related Party Transactions

• Magny Cours Investment Pte Ltd., an affiliate of GIC Private Limited, has certain rights with respect to its investment in GFL Borrower II (Cayman) LP, potentially sharing dispositive power over its securities.
• An Investor Rights Agreement, dated March 5, 2020, exists between Patrick Dovigi and certain affiliates (the "Investor"), the Issuer, and BC Partners Advisors, L.P., an affiliate of the Reporting Persons, which could lead to the Investor and Reporting Persons being deemed part of a "group" for Section 13(d) purposes.

Stakeholder Impact

• Shareholders: Provides transparency regarding significant institutional ownership, which can influence perceptions of stability and control. The substantial stake held by these entities indicates a strong institutional backing for GFL Environmental Inc.

Key Dates

Keywords

GFL Environmental Inc., Subordinate Voting Shares, Schedule 13G, Beneficial Ownership, SEC Filing, Institutional Investor, Waste Management, Environmental Services, BC Partners, GIC Private Limited