<SEC-DOCUMENT>0001140361-25-017969.txt : 20250508
<SEC-HEADER>0001140361-25-017969.hdr.sgml : 20250508
<ACCEPTANCE-DATETIME>20250508163046
ACCESSION NUMBER:		0001140361-25-017969
CONFORMED SUBMISSION TYPE:	SCHEDULE 13G/A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20250508
DATE AS OF CHANGE:		20250508

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GFL Environmental Inc.
		CENTRAL INDEX KEY:			0001780232
		STANDARD INDUSTRIAL CLASSIFICATION:	REFUSE SYSTEMS [4953]
		ORGANIZATION NAME:           	01 Energy & Transportation
		EIN:				830700795
		STATE OF INCORPORATION:			A6
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13G/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-91749
		FILM NUMBER:		25926797

	BUSINESS ADDRESS:	
		STREET 1:		100 NEW PARK PLACE, SUITE 500
		CITY:			VAUGHAN
		STATE:			A6
		ZIP:			L4K 0H9
		BUSINESS PHONE:		9053260101

	MAIL ADDRESS:	
		STREET 1:		100 NEW PARK PLACE, SUITE 500
		CITY:			VAUGHAN
		STATE:			A6
		ZIP:			L4K 0H9

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GFL Environmental Holdings Inc.
		DATE OF NAME CHANGE:	20190619

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BCEC-GFL Borrower GP (Cayman), Ltd
		CENTRAL INDEX KEY:			0001846343
		ORGANIZATION NAME:           	
		EIN:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13G/A

	BUSINESS ADDRESS:	
		STREET 1:		C/O BC PARTNERS ADVISORS L.P.
		STREET 2:		650 MADISON AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022
		BUSINESS PHONE:		212-891-2899

	MAIL ADDRESS:	
		STREET 1:		C/O BC PARTNERS ADVISORS L.P.
		STREET 2:		650 MADISON AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022
</SEC-HEADER>
<DOCUMENT>
<TYPE>SCHEDULE 13G/A
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/schedule13g" xmlns:com="http://www.sec.gov/edgar/common">
<headerData>
<submissionType>SCHEDULE 13G/A</submissionType>
<previousAccessionNumber>0001140361-21-004994</previousAccessionNumber>
<filerInfo>
<filer>
<filerCredentials>
<cik>0001846343</cik>
<ccc>XXXXXXXX</ccc>
</filerCredentials>
</filer>
<liveTestFlag>LIVE</liveTestFlag>



</filerInfo>
</headerData>
<formData>
<coverPageHeader>
<amendmentNo>4</amendmentNo>
<securitiesClassTitle>Subordinate Voting Shares, no par value</securitiesClassTitle>
<eventDateRequiresFilingThisStatement>03/31/2025</eventDateRequiresFilingThisStatement>
<issuerInfo>
<issuerCik>0001780232</issuerCik>
<issuerName>GFL Environmental Inc.</issuerName>
<issuerCusip>36168Q104</issuerCusip>
<issuerPrincipalExecutiveOfficeAddress>
<com:street1>100 New Park Place, Suite 500</com:street1>
<com:city>Vaughan</com:city>
<com:stateOrCountry>A6</com:stateOrCountry>
<com:zipCode>L4K 0H9</com:zipCode>
</issuerPrincipalExecutiveOfficeAddress>
</issuerInfo>
<designateRulesPursuantThisScheduleFiled>
<designateRulePursuantThisScheduleFiled>Rule 13d-1(d)</designateRulePursuantThisScheduleFiled>
</designateRulesPursuantThisScheduleFiled>
</coverPageHeader>
<coverPageHeaderReportingPersonDetails>

<reportingPersonName>BCEC-GFL Borrower (Cayman) LP</reportingPersonName>
<memberGroup>b</memberGroup>
<citizenshipOrOrganization>E9</citizenshipOrOrganization>
<reportingPersonBeneficiallyOwnedNumberOfShares>
<soleVotingPower>73317642</soleVotingPower>
<sharedVotingPower>0</sharedVotingPower>
<soleDispositivePower>73317642</soleDispositivePower>
<sharedDispositivePower>0</sharedDispositivePower>
</reportingPersonBeneficiallyOwnedNumberOfShares>
<reportingPersonBeneficiallyOwnedAggregateNumberOfShares>73317642</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
<aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
<classPercent>20.5</classPercent>
<typeOfReportingPerson>PN</typeOfReportingPerson>
</coverPageHeaderReportingPersonDetails>
<coverPageHeaderReportingPersonDetails>

<reportingPersonName>BCEC-GFL Borrower GP (Cayman), Ltd</reportingPersonName>
<memberGroup>b</memberGroup>
<citizenshipOrOrganization>E9</citizenshipOrOrganization>
<reportingPersonBeneficiallyOwnedNumberOfShares>
<soleVotingPower>73317642</soleVotingPower>
<sharedVotingPower>0</sharedVotingPower>
<soleDispositivePower>73317642</soleDispositivePower>
<sharedDispositivePower>0</sharedDispositivePower>
</reportingPersonBeneficiallyOwnedNumberOfShares>
<reportingPersonBeneficiallyOwnedAggregateNumberOfShares>73317642</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
<aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
<classPercent>20.5</classPercent>
<typeOfReportingPerson>CO</typeOfReportingPerson>
</coverPageHeaderReportingPersonDetails>
<coverPageHeaderReportingPersonDetails>

<reportingPersonName>GFL Borrower II (Cayman) LP</reportingPersonName>
<memberGroup>b</memberGroup>
<citizenshipOrOrganization>E9</citizenshipOrOrganization>
<reportingPersonBeneficiallyOwnedNumberOfShares>
<soleVotingPower>15880789</soleVotingPower>
<sharedVotingPower>0</sharedVotingPower>
<soleDispositivePower>15880789</soleDispositivePower>
<sharedDispositivePower>0</sharedDispositivePower>
</reportingPersonBeneficiallyOwnedNumberOfShares>
<reportingPersonBeneficiallyOwnedAggregateNumberOfShares>15880789</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
<aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
<classPercent>4.4</classPercent>
<typeOfReportingPerson>PN</typeOfReportingPerson>
</coverPageHeaderReportingPersonDetails>
<coverPageHeaderReportingPersonDetails>

<reportingPersonName>GFL Borrower II GP (Cayman), Ltd</reportingPersonName>
<memberGroup>b</memberGroup>
<citizenshipOrOrganization>E9</citizenshipOrOrganization>
<reportingPersonBeneficiallyOwnedNumberOfShares>
<soleVotingPower>15880789</soleVotingPower>
<sharedVotingPower>0</sharedVotingPower>
<soleDispositivePower>0</soleDispositivePower>
<sharedDispositivePower>15880789</sharedDispositivePower>
</reportingPersonBeneficiallyOwnedNumberOfShares>
<reportingPersonBeneficiallyOwnedAggregateNumberOfShares>15880789</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
<aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
<classPercent>4.4</classPercent>
<typeOfReportingPerson>CO</typeOfReportingPerson>
</coverPageHeaderReportingPersonDetails>
<coverPageHeaderReportingPersonDetails>

<reportingPersonName>GFL Borrower Luxembourg S.a r.l.</reportingPersonName>
<memberGroup>b</memberGroup>
<citizenshipOrOrganization>N4</citizenshipOrOrganization>
<reportingPersonBeneficiallyOwnedNumberOfShares>
<soleVotingPower>89198431</soleVotingPower>
<sharedVotingPower>0</sharedVotingPower>
<soleDispositivePower>73317642</soleDispositivePower>
<sharedDispositivePower>15880789</sharedDispositivePower>
</reportingPersonBeneficiallyOwnedNumberOfShares>
<reportingPersonBeneficiallyOwnedAggregateNumberOfShares>89198431</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
<aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
<classPercent>24.9</classPercent>
<typeOfReportingPerson>CO</typeOfReportingPerson>
</coverPageHeaderReportingPersonDetails>
<coverPageHeaderReportingPersonDetails>

<reportingPersonName>BCEC - GFL Holdings (Guernsey) L.P.</reportingPersonName>
<memberGroup>b</memberGroup>
<citizenshipOrOrganization>Y7</citizenshipOrOrganization>
<reportingPersonBeneficiallyOwnedNumberOfShares>
<soleVotingPower>89198431</soleVotingPower>
<sharedVotingPower>0</sharedVotingPower>
<soleDispositivePower>73317642</soleDispositivePower>
<sharedDispositivePower>15880789</sharedDispositivePower>
</reportingPersonBeneficiallyOwnedNumberOfShares>
<reportingPersonBeneficiallyOwnedAggregateNumberOfShares>89198431</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
<aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
<classPercent>24.9</classPercent>
<typeOfReportingPerson>PN</typeOfReportingPerson>
</coverPageHeaderReportingPersonDetails>
<coverPageHeaderReportingPersonDetails>

<reportingPersonName>BCEC Management X Limited</reportingPersonName>
<memberGroup>b</memberGroup>
<citizenshipOrOrganization>Y7</citizenshipOrOrganization>
<reportingPersonBeneficiallyOwnedNumberOfShares>
<soleVotingPower>89198431</soleVotingPower>
<sharedVotingPower>0</sharedVotingPower>
<soleDispositivePower>73317642</soleDispositivePower>
<sharedDispositivePower>15880789</sharedDispositivePower>
</reportingPersonBeneficiallyOwnedNumberOfShares>
<reportingPersonBeneficiallyOwnedAggregateNumberOfShares>89198431</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
<aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
<classPercent>24.9</classPercent>
<typeOfReportingPerson>CO</typeOfReportingPerson>
</coverPageHeaderReportingPersonDetails>
<items>
<item1>
<issuerName>GFL Environmental Inc.</issuerName>
<issuerPrincipalExecutiveOfficeAddress>100 New Park Place, Suite 500, Vaughan, Ontario, Canada, L4K 0H9</issuerPrincipalExecutiveOfficeAddress>
</item1>
<item2>
<filingPersonName>See Item 2(c) below</filingPersonName>
<principalBusinessOfficeOrResidenceAddress>See Item 2(c) below</principalBusinessOfficeOrResidenceAddress>
<citizenship>Each of the following is hereinafter individually referred to as a "Reporting Person" and collectively as the "Reporting Persons." This statement is filed on behalf of:&#13;
&#13;
(i) BCEC-GFL Borrower (Cayman) LP&#13;
c/o BC Partners Advisors L.P.&#13;
650 Madison Avenue&#13;
New York, New York 10022&#13;
Citizenship: Cayman Islands&#13;
&#13;
(ii) BCEC-GFL Borrower GP (Cayman), Ltd&#13;
c/o BC Partners Advisors L.P.&#13;
650 Madison Avenue&#13;
New York, New York 10022&#13;
Citizenship: Cayman Islands&#13;
&#13;
(iii) GFL Borrower II (Cayman) LP&#13;
168 Robinson Road, #37-01&#13;
Capital Tower, Singapore 068912&#13;
Citizenship: Cayman Islands&#13;
&#13;
(iv) GFL Borrower II GP (Cayman), Ltd&#13;
c/o BC Partners Advisors L.P.&#13;
650 Madison Avenue&#13;
New York, New York 10022&#13;
Citizenship: Cayman Islands&#13;
&#13;
(v) GFL Borrower Luxembourg S.a r.l.&#13;
c/o BC Partners Advisors L.P.&#13;
650 Madison Avenue&#13;
New York, New York 10022&#13;
Citizenship: Luxembourg&#13;
&#13;
(vi) BCEC-GFL Holdings (Guernsey) L.P.&#13;
c/o BC Partners Advisors L.P.&#13;
650 Madison Avenue&#13;
New York, New York 10022&#13;
Citizenship: Guernsey&#13;
&#13;
(vii) BCEC Management X Limited&#13;
c/o BC Partners Advisors L.P.&#13;
650 Madison Avenue&#13;
New York, New York 10022&#13;
Citizenship: Guernsey&#13;
&#13;
BCEC-GFL Borrower (Cayman) LP directly holds 73,317,642 subordinate voting shares, no par value (the "Subordinate Voting Shares") of GFL Environmental Inc. (the "Issuer") and GFL Borrower II (Cayman) LP directly holds 15,880,789 Subordinate Voting Shares of the Issuer.  BCEC-GFL Borrower GP (Cayman), Ltd is the general partner of BCEC-GFL Borrower (Cayman) LP, and  GFL Borrower II GP (Cayman), Ltd is the general partner of GFL Borrower II (Cayman) LP.  Each of BCEC-GFL Borrower GP (Cayman), Ltd and GFL Borrower II GP (Cayman), Ltd is wholly-owned by GFL Borrower Luxembourg S.a r.l. GFL Borrower Luxembourg S.a r.l. is wholly-owned by BCEC - GFL Holdings (Guernsey) L.P.  The general partner of BCEC - GFL Holdings (Guernsey) L.P. is BCEC Management X Limited.</citizenship>
</item2>
<item3>
<notApplicableFlag>Y</notApplicableFlag>
</item3>
<item4>
<amountBeneficiallyOwned>Calculations of the percentage of Subordinate Voting Shares of the Issuer beneficially owned are based on 357,752,975 Subordinate Voting Shares outstanding as of March 28, 2025, as reported in the Form 6-K filed by the Issuer with the Securities and Exchange Commission on April 9, 2025.  Each of the Reporting Persons may be deemed to be the beneficial owner of the Subordinate Voting Shares listed on such Reporting Person's cover page.&#13;
&#13;
As of March 31, 2025, BCEC-GFL Borrower (Cayman) LP directly holds 73,317,642 Subordinate Voting Shares of the Issuer and GFL Borrower II (Cayman) LP directly holds 15,880,789 Subordinate Voting Shares of the Issuer.&#13;
&#13;
By virtue of certain rights that Magny Cours Investment Pte Ltd., an affiliate of GIC Private Limited, has with respect to its investment in GFL Borrower II (Cayman) LP, GFL Borrower II (Cayman), LP and Magny Cours Investment Pte Ltd. may be deemed to share dispositive power over the securities held by GFL Borrower II (Cayman) LP.  Neither the filing of this Schedule 13G nor any of its contents shall be deemed to constitute an admission that any Reporting Person is a member of a group with Magny Cours Investment Pte Ltd. and its affiliates for the purposes of Sections 13(d) and 13(g) of the Securities Exchange Act of 1934, as amended ("Exchange Act").  Each of GFL Borrower II (Cayman) LP and Magny Cours Investment Pte Ltd. and their respective affiliates separately make Schedule 13G filings reporting the Subordinate Voting Shares they may be deemed to beneficially own. Each Reporting Person disclaims beneficial ownership of any Subordinate Voting Shares that may be deemed to be beneficially owned by Magny Cours Investment Pte Ltd. and its affiliates.&#13;
&#13;
By virtue of a certain Investor Rights Agreement, dated as of March 5, 2020 (the "Investor Rights Agreement"), entered into by and among Patrick Dovigi and certain of his affiliates (collectively with their affiliated transferees, the "Investor"), the Issuer and, solely for certain limited purposes, BC Partners Advisors, L.P., an affiliate of the Reporting Persons, the Investor and the Reporting Persons may be deemed to be part of a "group" for purposes of Section 13(d) of the Exchange Act. However, neither the filing of this Schedule 13G nor any of its contents shall be deemed to constitute an admission that such persons are members of any such group. Each of the Reporting Persons and the Investor and their respective affiliates separately make Schedule 13G filings reporting the Subordinate Voting Shares they may be deemed to beneficially own. Each Reporting Person disclaims beneficial ownership of any Subordinate Voting Shares that may be deemed to be beneficially owned by the Investor and its affiliates.</amountBeneficiallyOwned>
<classPercent>Each of the Reporting Persons may be deemed to be the beneficial owner of the percentage of Subordinate Voting Shares listed on such Reporting Person's cover page.</classPercent>
<numberOfSharesPersonHas>
<solePowerOrDirectToVote>See each cover page hereof.</solePowerOrDirectToVote>
<sharedPowerOrDirectToVote>See each cover page hereof.</sharedPowerOrDirectToVote>
<solePowerOrDirectToDispose>See each cover page hereof.</solePowerOrDirectToDispose>
<sharedPowerOrDirectToDispose>See each cover page hereof.</sharedPowerOrDirectToDispose>
</numberOfSharesPersonHas>
</item4>
<item5>
<notApplicableFlag>Y</notApplicableFlag>
</item5>
<item6>
<notApplicableFlag>Y</notApplicableFlag>
</item6>
<item7>
<notApplicableFlag>Y</notApplicableFlag>
</item7>
<item8>
<notApplicableFlag>N</notApplicableFlag>
<identificationAndClassificationOfGroupMembers>See Item 4.</identificationAndClassificationOfGroupMembers>
</item8>
<item9>
<notApplicableFlag>Y</notApplicableFlag>
</item9>
<item10>
<notApplicableFlag>Y</notApplicableFlag>
</item10>
</items>
<signatureInformation>
<reportingPersonName>BCEC-GFL Borrower (Cayman) LP</reportingPersonName>
<signatureDetails>
<signature>/s/ Matthew Elston</signature>
<title>Matthew Elston, Director of BCEC-GFL Borrower GP (Cayman), Ltd, its general partner</title>
<date>05/08/2025</date>
</signatureDetails>
<signatureDetails>
<signature>/s/ Mark Rodliffe</signature>
<title>Mark Rodliffe, Director of BCEC-GFL Borrower GP (Cayman), Ltd, its general partner</title>
<date>05/08/2025</date>
</signatureDetails>
</signatureInformation>
<signatureInformation>
<reportingPersonName>BCEC-GFL Borrower GP (Cayman), Ltd</reportingPersonName>
<signatureDetails>
<signature>/s/ Matthew Elston</signature>
<title>Matthew Elston, Director</title>
<date>05/08/2025</date>
</signatureDetails>
<signatureDetails>
<signature>/s/ Mark Rodliffe</signature>
<title>Mark Rodliffe, Director</title>
<date>05/08/2025</date>
</signatureDetails>
</signatureInformation>
<signatureInformation>
<reportingPersonName>GFL Borrower II (Cayman) LP</reportingPersonName>
<signatureDetails>
<signature>/s/ Matthew Elston</signature>
<title>Matthew Elston, Director of GFL Borrower II GP (Cayman), Ltd, its general partner</title>
<date>05/08/2025</date>
</signatureDetails>
<signatureDetails>
<signature>/s/ Mark Rodliffe.</signature>
<title>Mark Rodliffe, Director of GFL Borrower II GP (Cayman), Ltd, its general partner</title>
<date>05/08/2025</date>
</signatureDetails>
</signatureInformation>
<signatureInformation>
<reportingPersonName>GFL Borrower II GP (Cayman), Ltd</reportingPersonName>
<signatureDetails>
<signature>/s/ Matthew Elston</signature>
<title>Matthew Elston, Director</title>
<date>05/08/2025</date>
</signatureDetails>
<signatureDetails>
<signature>/s/ Mark Rodliffe,</signature>
<title>Mark Rodliffe, Director</title>
<date>05/08/2025</date>
</signatureDetails>
</signatureInformation>
<signatureInformation>
<reportingPersonName>GFL Borrower Luxembourg S.a r.l.</reportingPersonName>
<signatureDetails>
<signature>/s/ Christelle Retif</signature>
<title>Christelle Retif, Manager</title>
<date>05/08/2025</date>
</signatureDetails>
<signatureDetails>
<signature>/s/ Pierre Stemper</signature>
<title>Pierre Stemper, Manager</title>
<date>05/08/2025</date>
</signatureDetails>
</signatureInformation>
<signatureInformation>
<reportingPersonName>BCEC - GFL Holdings (Guernsey) L.P.</reportingPersonName>
<signatureDetails>
<signature>/s/ Matthew Elston</signature>
<title>Matthew Elston, Director of BCEC Management X Limited, its general partner</title>
<date>05/08/2025</date>
</signatureDetails>
<signatureDetails>
<signature>/s/ Mark Rodliffe</signature>
<title>Mark Rodliffe, Director of BCEC Management X Limited, its general partner</title>
<date>05/08/2025</date>
</signatureDetails>
</signatureInformation>
<signatureInformation>
<reportingPersonName>BCEC Management X Limited</reportingPersonName>
<signatureDetails>
<signature>/s/ Matthew Elston</signature>
<title>Matthew Elston, Director</title>
<date>05/08/2025</date>
</signatureDetails>
<signatureDetails>
<signature>/s/ Mark Rodliffe</signature>
<title>Mark Rodliffe, Director</title>
<date>05/08/2025</date>
</signatureDetails>
</signatureInformation>
</formData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
