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  "docSlug": "0a3a22290f60",
  "documentTitle": "GFL Environmental Inc. (GFL)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2020-08-18 00:00:00",
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  "notes": "The slide uses media clippings to contrast the 'rags to riches' narrative with the activist's skeptical thesis.",
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      "text": "In our opinion, Dovigi’s success from aspiring NHL goalie to garbage magnate is a carefully curated narrative.",
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      "text": "GFL trucks",
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      "text": "Despite the waste management industry being mature, and intensely competitive, there is a story of a rags to riches empire being built by Canadian Patrick Dovigi, founder of Green For Life (GFL). With the support of Canadian backers and banks, GFL has rolled-up over 143 companies since 2007. GFL’s big break came in 2011 when it won a lucrative 7yr contract from the City of Toronto during controversial Mayor Rob Ford’s tenure. Given the low bid submitted by GFL, some observers cried foul play.(1) During our research, we learned GFL turned to the U.S. as growth and competition limitations and constraints in certain Canada end markets like solid waste are being reached. Through a Nov 2018 merger with Waste Industries in the U.S., GFL became the 4th largest environmental services company in North America. In our opinion, Dovigi’s success from aspiring NHL goalie to garbage magnate is a carefully curated narrative. However, based on our detailed investigative background check, forensic review of GFL’s financials, and discussions with former employees knowledgeable about GFL, we believe investors should exercise extreme caution, have skepticism about GFL’s financials, and question the “bull case” narrative being spun by stock promoters that it will become a profitable enterprise.",
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      "text": "1) “Bargain Basement” Garbage Contract Smells A Bit Fishy – Ford For Toronto",
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      "text": "A New Face Emerges In The Waste Management Industry....",
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