Red Dog Equity has sold Superior Waste Industries to publicly traded GFL Environmental in an all-cash transaction.
Superior Waste is a holding company formed by Red Dog in March 2022 to acquire and consolidate waste services providers in Oklahoma. Red Dog partnered with Billy Dietrich, a veteran of the environmental services industry, Monroe Capital, and Tom Pritzker’s family business interests (advised by The Pritzker Organization).
Superior Waste closed the following add-on acquisitions under Red Dog ownership: Shawnee, Oklahoma-based Central Disposal (March 2022); Tulsa, Oklahoma-based Harley Hollan Companies (September 2022); Vian and Eufaula, Oklahoma-based Sue’s Recycling and Sanitation (June 2024); and Shawnee, Oklahoma-based SDS Roll-off Dumpsters (March 2024).
Today, Superior provides integrated solid waste management services, including residential and commercial waste collection, recycling, and roll-off dumpster rental. Customers of the platform include municipalities, construction companies, and residential and commercial property owners primarily in Oklahoma.
GFL Environmental (NYSE: GFL) is a provider of waste management, infrastructure, and soil remediation services across Canada and the United States. Specific services include solid waste collection, landfill and transfer station operations, soil remediation, and liquid waste services under brands such as GFL Environmental and GFL Infrastructure.
Customers of GFL include residential households, commercial businesses, industrial operations, and municipalities. GFL Environmental was founded in 2007 by CEO Patrick Dovigi and is headquartered near Toronto in Vaughan, Ontario, Canada, with 400 facilities in all Canadian provinces and over 27 U.S. states.
The solid waste and environmental services sectors are undergoing accelerated consolidation as scale and geographic reach yield operational efficiencies and improved asset utilization. Mid-size platforms are increasingly being aggregated into larger networks, especially in regions still fragmented among local haulers. Meanwhile, pressure on environmental regulatory compliance, sustainability mandates, and recycling economics adds complexity and cost to operations. The strategic acquirer model remains potent in this space, capitalizing on synergies in logistics, landfill access, and cross-selling of services.
“We couldn’t be more pleased with the outcome of our partnership with Billy Dietrich and the teams at Superior Waste and its subsidiaries,” said Toby Chambers, a co-managing partner at Red Dog. “Investing in partnership with an outstanding entrepreneur, what we call a ‘Red Dog,’ focusing on people, systems, and processes, and being disciplined acquirers were the keys to the successful outcome here.”
Atlanta-based Red Dog Equity invests in lower middle-market companies with between $2 million and $20 million of EBITDA. Sectors of interest include light manufacturing; industrial, environmental, business and consumer services; specialty distribution; retail medical; and restaurants.
“We’re grateful to Billy, the Adcock family, all those on Superior’s teams, and our investor partners at the Pritzker Organization and Monroe Capital,” said Tom Connolly, a co-managing partner of Red Dog. “We’re very proud of the company Billy built at Superior Waste and the outcome we were able to achieve for our investors.”
Monroe’s independent sponsor group provided both debt financing and equity co-investment to back Superior Waste’s expansion, enabling the company to pursue multiple add-on acquisitions. This group specializes in delivering flexible, “one-stop” capital—including both debt and equity co-investments—for acquisitions, mergers, growth initiatives, recapitalizations, and business combinations.
Monroe Capital (NASDAQ: MRCC) provides senior and junior debt financing to middle-market businesses with at least $3 million of EBITDA, special situation borrowers, and private equity sponsors. Investment types include unitranche financings; cash flow, asset-based, and enterprise value-based loans; and equity co-investments. Sectors of interest include healthcare, business services, technology, consumer, and niche manufacturing.
“Monroe Capital enjoyed a strong partnership with Red Dog, the Superior management team, and co-investors over the last several years,” said Chris Larson, a co-head of the equity group at Monroe. “We’re proud to have supported the business through their growth and multiple acquisitions.”
“We’ve partnered with Monroe across several of our portfolio companies,” said Mr. Chambers. “Their unique ability to provide debt and equity at scale allowed us to achieve a successful result on Superior.”
Stifel was the financial adviser to Superior on this transaction.
© 2025 Private Equity Professional | October 8, 2025
