Regional waste assets are trading hands, with Clairvest (CVG) netting $38M from the sale of Star Waste - after growing revenue >3x through eight acquisitions in the past four years. Big players are willing to pay up for local platforms…

… resulting in a $2 per share book value gain post-close, further widening the discount CVG trades at.

GFL’s acquisition of Frontier Waste is a perfect example, adding a strong regional player (Texas) to its national footprint. The company has added ~$450M of revenue through M&A YTD, offsetting slowing organic growth…

… and adding density in its focus markets, which should translate to improved margins once the acquired platforms are integrated.

If GFL’s head office relocation is any indication, there could be more activity in the southern states…

❝

We think where we sit today, you could easily spend $1.5-2B. I think temporarily, leverage might be in the sort of 3.75-3.80x range intra-quarter, but then you still exit the year in the mid-3s.

Patrick Dovigi (CEO) - GFL Q4/25 call

… bringing its revenue composition more in-line with peers.

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