GFL Environmental moves head office to Florida

Executive Summary

• GFL Environmental Inc. has relocated its executive headquarters from Vaughan, Ontario, to Miami Beach, Florida, to broaden its shareholder base by becoming eligible for inclusion in major United States equity indices.
• The company will maintain its jurisdiction of incorporation in Ontario, Canada, and its listing on the Toronto Stock Exchange, ensuring continued eligibility for Canadian indices such as the TSX 60.
• The move aligns with the company's operational reality, as the U.S. now represents over two-thirds of GFL's revenue, with significant growth in the Southeastern region, and aims to improve access to U.S. talent.

Key Details

• Headquarters Relocation: Executive headquarters moved from Vaughan, Ontario, to Miami Beach, Florida.
• Jurisdiction and Listing: Jurisdiction of incorporation remains Ontario, Canada; listing remains on the Toronto Stock Exchange.
• Strategic Rationale:
  • Broaden shareholder base via eligibility for major U.S. equity indices.
  • Preserve eligibility for Canadian indices (including TSX 60).
  • Access a wider global investor base (passive and active strategies).
  • Improve ability to attract highly skilled talent from the U.S. labor pool.
• Operational Impact:
  • No impact on existing Canadian footprint.
  • Shared services hubs will remain in Vaughan, Ontario, and Raleigh, North Carolina.
• Revenue Context: The United States represents over two-thirds of GFL's revenue, with more than half of that U.S. revenue generated in the Southeastern region.

Notable Quotes

• "Consistent with our desire to access a wider global investor base across both passive and active strategies, the relocation of our executive headquarters broadens our eligibility for participation in U.S. equity indices while preserving our eligibility for inclusion in Canadian equity indices. We expect this approach to gaining broader index inclusion will increase GFL's visibility with investors and ultimately drive a wider shareholder base," said Patrick Dovigi, founder and chief executive officer of GFL.
• "The United States has grown to represent over two-thirds of our revenue, more than half of which is generated in the fast-growing Southeastern region. The relocation aligns with our expanding presence in this attractive market and is expected to improve our ability to attract highly skilled talent from the U.S. labour pool. We will continue to maintain our shared services hubs in both Vaughan, Ont., and Raleigh, N.C."