Patrick Dovigi told Bloomberg Deals TV on Wednesday that he would consider take-private bids that top the current share price, while emphasizing the company has not yet reached any decision. Since GFL's 2020 IPO, he said the stock has swung between being overpriced and underpriced, and that the latest pullback has drawn in large infrastructure and core funds. As he put it, "We're sort of in the third inning of a long baseball game," and "Obviously, we're shareholders first and we like to explore all opportunities for all of our shareholders."
Dovigi founded GFL in 2007 and scaled it with support from private equity investors. The Edmonton Oilers selected him in the draft as a goaltender, though he never appeared in the National Hockey League. The company operates in 26 US states plus all 10 Canadian provinces and characterizes itself as North America's No. 4 diversified environmental services company.
Shares are down 3.7% this year, putting GFL's market value near $18 billion. The company has already mixed public markets with private capital too: as part of that, last year BC Partners and Apollo Global Management Inc. purchased a controlling interest in GFL's environmental services unit.
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Dovigi has said that whatever proposal might come, he intends to roll 100% of his equity. On Wednesday he added, "I just feel really good about where the company is," noting, "I've done really well with the equity that I own in this company and I have no intentions on doing anything other than continuing to run the company the way I have for the last 20-plus years." For everyday investors, the setup is straightforward: credible buyout interest plus a CEO willing to engage at the right price can be a catalyst, but the committee process means timing and terms are still an open question.
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