Exhibit 99.1
FOR IMMEDIATE RELEASE
CASELLA WASTE SYSTEMS, INC. COMPLETES ACQUISITION OF SELECT SOLID WASTE OPERATIONS FROM GFL ENVIRONMENTAL INC.
RUTLAND, VERMONT (July 3, 2023) — Casella Waste Systems, Inc. (Nasdaq: CWST), a regional solid waste, recycling, and resource management services company, announced that it completed the acquisition of the Pennsylvania, Delaware, and Maryland collection, transfer, and recycling operations of GFL Environmental Inc. (“GFL”) on June 30, 2023. The purchase price of the acquisition was approximately $525 million and was funded through a combination of the company’s new $430 million Term Loan A under its existing senior secured credit facility and proceeds from the Company’s recent equity offering.
The acquisition includes nine hauling operations, one transfer station, and one material recovery facility, and is expected to generate aggregate annualized revenues of approximately $185 million. Further, the acquisition provides strong strategic and financial benefits that are expected to augment Casella’s growth opportunities through an expansion into adjacent markets with solid waste operations that have similar attributes to its existing operations.
“This is an exciting step forward in our company’s growth strategy as we extend our footprint into the Mid-Atlantic with a new platform for future growth,” said John W. Casella, Chairman and CEO of Casella Waste Systems, Inc. “We are focused on ensuring a successful integration of these operations, providing excellent service to our new customers and communities, and welcoming our new employees to our team.”
About Casella Waste Systems, Inc.
Casella Waste Systems, Inc., headquartered in Rutland, Vermont, provides resource management expertise and services to residential, commercial, municipal, institutional and industrial customers, primarily in the areas of solid waste collection and disposal, transfer, recycling and organics services in the eastern United States. For further information, investors contact Jason Mead, Senior Vice President of Finance and Treasurer at (802) 772-2293; media contact Jeff Weld, Director of Communications at (802) 772-2234; or visit the Company’s website at http://www.casella.com.
Safe Harbor Statement
Certain matters discussed in this press release, including but not limited to, the statements regarding our intentions, beliefs or current expectations concerning, among other things, projections as to the anticipated benefits of this acquisition; and the anticipated impact of this acquisition on the Company’s