GFL Environmental: consolidate, consolidate and consolidate (for the sake of consolidating?)

GFL (overview): Waste consolidator grew via M&A in Canada/US, sold Environmental Services div for $8B (2025), now buying back industrial waste assets via $SECURE deal. Vertically integrated: collection→transfer→landfills. Unit economics improve w/ route density & owned disposal, but risks include related party transfer pricing, founder Dovigi's control via multi-vote shares, preferred stock limiting flexibility, and regulatory/landfill closure costs. Thesis: more tonnage, closer together, more owned assets—but is it real efficiency or financial engineering?

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