GFL Environmental (GFL) closed up 5% after rumours of a private equity bidding war for the waste giant surfaced, which isn’t the first time…

… since its $6.4B acquisition of SECURE. The market didn’t like that deal, but we did - given 80% of volumes are recurring, western Canada is attractive right now, and it benefits from higher oil prices…

… creating a natural hedge against any fuel-driven margin compression in the solid waste business. With a scaled North American platform ($2.3B of EBITDA in 2026E)…

… and a clear growth playbook…

… it’s no surprise the mega funds are lining up. Let’s see if we end up with a deal.

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