- Casella Waste Systems Inc CVST has also signed a share purchase agreement Acquisition of certain waste operations out of GFL Environmental Inc. GFL.
- The Company will acquire GFL’s collection, transfer and recycling operations in Pennsylvania, Delaware and Maryland for $525 million.
- The proposed acquisition includes nine transportation operations, a transshipment facility and a materials reclamation facility with total annual revenues of approximately $185 million.
- Casella expects the acquired operations to generate approximately $185 million in revenue and $43 million in EBITDA for the first 12 months.
- The company expects to close the acquisition by the third quarter of 2023.
- “Having successfully expanded our footprint into the adjacent Connecticut market with an acquisition in mid-2021, this acquisition will allow us to expand into the Mid-Atlantic region with these well-managed solid waste operations that provide a platform for future growth” , said Chairman and CEO John W. Casella.
- Casella expects to fund the purchase price through a combination of cash, revolving borrowings and a proposed new Term Loan A under its existing senior secured credit facility.
- The company held $71.2 million Cash and cash equivalents as of 12/31/2022.
- price action: CWST shares traded up 1.66% to $90.46 on the latest check Monday.
- Photo via company
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