Roark Capital Commits C$105 million to GFL Waste & Recycling Solutions Corp.

GFL is One of Canada's Leading Integrated Solid and Liquid Waste Companies

November 30, 2010 // Franchising.com // ATLANTA, GA – Roark Capital Group, an Atlanta-based private equity firm, announced today that its affiliate made a C$105 million equity commitment to GFL Waste & Recycling Solutions Corp. Headquartered in Pickering, Ontario, GFL is one of Canada's leading environmental services firms. Roark invested C$60 million at closing and has committed C$45 million more for organic and acquisition growth opportunities.

Founded by its CEO, Patrick Dovigi, GFL has operations in solid waste collection and transfer stations; liquid waste collection and treatment; and soil remediation services. The Company operates from 19 locations throughout the Canadian provinces of Ontario, Manitoba, Alberta and British Columbia.

"We are excited to partner with Patrick and support his goal of creating one of the largest and best run environmental services companies in Canada," said Roark Capital Group President Jeffrey J. Keenan.

In connection with the transaction, Keenan has joined the GFL Board of Directors. Keenan co-founded and served as Chairman of IESI Corporation from 1996 to 2005. IESI grew from a small Texas based start-up operation into the third largest vertically integrated solid waste management company in North America. IESI was sold to BFI Canada in 2005 for $1.1 billion. Keenan also led Roark's $100 million growth equity investment in Waste Pro USA, Inc. Waste Pro provides solid waste collection, disposal and recycling services to more than 825,000 residential and 32,000 commercial customers in the southeastern United States. Keenan currently serves on the board of Waste Pro.

According to Dovigi, "Jeffrey's experience will provide GFL with the additional resources and waste management industry knowledge needed to accelerate our disciplined approach to organic and acquisition growth, while continuing to provide superior service and environmentally friendly solutions for our customers."

Christopher Payne, Managing Partner of Genuity Capital Partners, added, "We welcome Jeffrey's experience and knowledge of environmental services, and are excited about the impact this partnership will have on the growth of GFL." Genuity Capital, through its private equity fund Investment Partnership (2007) LP, is GFL's other major equity investor.

Roark's investment in GFL represents the firm's 26th investment in a business involving a founding entrepreneur or family, and comes during what has been an active November 2010 for the Atlanta-based private equity firm. Earlier this month Focus Brands, a Roark portfolio company, completed its acquisition of Auntie Anne's, the franchisor of the world's largest hand-rolled soft pretzel chain.

About Roark Capital Group

Roark Capital Group is an Atlanta-based private equity firm that specializes in business, consumer and environmental services companies with attractive growth prospects and revenues ranging from $20 million to $1.0 billion. Roark focuses on middle-market investment opportunities through family-owned business transfers, management and corporate buyouts, recapitalizations, going-private transactions and corporate divestitures. Roark has acquired 19 franchise/multi-unit brands that collectively have more than 3,300 franchisees and $4.5 billion in system-wide revenues across 50 states and 43 countries. Its current franchise portfolio includes Carvel Ice Cream, Cinnabon, Schlotzsky's, Moe's Southwest Grill, Seattle's Best Coffee International, McAlister's, Money Mailer, Fast Signs, Batteries Plus, Primrose Schools, Pet Valu, Wingstop and Auntie Anne's. The firm has more than $1.5 billion of equity capital under management. For more information, visit www.roarkcapital.com.

About Genuity Capital Partners

Genuity Capital Partners is a Toronto-based North American focused private equity fund with a history of partnering with and supporting strong management teams in selected industry verticals, including consumer products, specialty retail, media, technology and business and commercial services. Genuity has completed investments in proven businesses in various forms, including acquisitions (management buyouts, corporate divestitures, going-private transactions, inter-generational transfers), growth and expansion capital, restructuring and recapitalizations, and industry consolidations. The firm has completed 16 investments since inception, and has more than $400 million of equity capital under management.

About GFL Waste & Recycling Solutions Corp.

Headquartered in Pickering, Toronto, GFL Waste & Recycling Solutions Corp. is a leading environmental services company with extensive transportation and collection networks that are integrated with its disposal and processing facilities capable of managing solid and liquid non-hazardous wastes, recyclables and contaminated soil for its clients across four Canadian provinces. The Company was founded by Patrick Dovigi through the initial purchase of a small solid waste management company in Pickering, Ontario. GFL currently serves more than 400,000 residences and 8,000 businesses in Ontario, Manitoba, Alberta and British Columbia. The Company operates from 19 locations including four hauling companies, five solid waste transfer stations, eight liquid waste storage and treatment facilities and one soil remediation location. For more information, visit www.gflwaste.com.

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