Casella Waste Systems, a regional solid waste, recycling and resource management services company, signed an equity purchase agreement to acquire collection, transfer and recycling operations in Pennsylvania, Delaware and Maryland from GFL Environmental for a purchase price of $525 million. The proposed acquisition includes nine hauling operations, one transfer station and one material recovery facility with aggregate annualized revenues of approximately $185 million. The acquisition is expected to close by Q3/23, subject to customary closing conditions, including regulatory approvals.
The acquisition is not subject to any financing conditions and Casella expects to fund the purchase price through a combination of cash on hand, revolving credit facility borrowings and from a planned new term loan A under its existing senior secured credit facility. Casella also received a bridge financing commitment from Bank of America, BofA Securities, JPMorgan Chase, Comerica Bank and Citizens Bank.
