Green Infrastructure Partners (GIP), a vertically integrated infrastructure company, has penned a definitive agreement with funds managed by Energy Capital Partners (ECP) to recapitalize its business at an enterprise value of C$4.25 billion ($3 billion).
GIP was established in 2022 by Ontario-based GFL Environmental, the fourth-largest diversified environmental services company in North America; funds managed by HPS Investment Partners; and Patrick Dovigi, GFL’s founder, president and CEO.
After the transaction closes, GIP will receive C$775 million ($564 million) of aggregate gross proceeds, and it intends to return approximately C$585 million ($426 million) to its shareholders and apply C$175 million ($127 million) to its balance sheet to fund future growth. GFL will receive approximately C$200 million ($146 million) of the C$585 million ($426 million) shareholder distribution, giving it a 30.1 percent interest in GIP, valued at approximately C$895 million ($651 mi
