ADW Capital Management Sends Letter to GFL Environmental’s Board and Management Encouraging it to Undertake a Strategic Review Process
MIAMI BEACH, Fla., Nov. 06, 2023 (GLOBE NEWSWIRE) -- ADW Capital Management, LLC, which owns 1,650,000 shares of GFL Environmental Inc. (NYSE: GFL) (TSX: GFL) (the “Company”) together with its affiliates, today issued an open letter to GFL’s board of directors and management team regarding opportunities to maximize value for all shareholders and urging the Company to undertake a strategic review process.
- A full copy of the letter is below:
Dear Members of the Board and Management:
ADW Capital Management, LLC, together with its affiliates (collectively, “ADW Capital” or “we”) are significant and long-term shareholders of GFL Environmental Inc. (“GFL”, or the “Company”), currently owning 1,650,000 of the Company’s shares. - We believe GFL is an extremely valuable company that the public markets are unable to appreciate today and perhaps never will be able to.
- The multiple differential relative to its competitors is even more perplexing given its faster growth profile and prospects for future margin expansion.
- The Board and management have a fiduciary obligation to maximize value for ALL shareholders and we encourage them to immediately engage a financial advisor to pursue a review of strategic alternatives.