ADW Capital Management calls for strategic review at GFL Environmental

TORONTO — ADW Capital Management LLC has sent a letter to the board and management of GFL Environmental Inc. calling on the company to undertake a strategic review process.

The U.S. investment manager says the waste management company should look to sell its environmental solutions division.

In its letter to GFL’s board and management, ADW Capital says a sale of the environmental services business would create a solid-waste “pureplay” company and open a path to a U.S. domicile and listing.

It says that while it would be in favour of an outright sale of the entire company, it recognizes the scope and scale of such a transaction.

ADW Capital says it has been a GFL shareholder since shortly after its initial public offering.

It owns 1,650,000 shares of GFL, representing less than a one per cent stake in the company.

This report by The Canadian Press was first published June 12, 2024.

Companies in this story: (TSX:GFL)

The Canadian Press