June 1, 2026
CALGARY, AB — GFL Environmental Services Inc. has acquired H2Oil Energy Inc., one of Alberta's largest providers of fluid hauling, vacuum truck, H2S scrubbing, and turnaround services, in a transaction that significantly deepens GFL's operational footprint across Western Canada. The deal, which closed June 1, 2026, was advised exclusively by RWT Capital Corp., one of Canada's leading boutique M&A firms in the energy and industrial sectors.
H2Oil operates a fleet of more than 115 power units across northwestern Alberta, built around a core offering of vacuum truck services, fluid hauling, and industrial turnaround support for upstream oil and gas producers. The company has earned a strong regional reputation as a trusted partner in an area where reliability, specialized equipment, and proximity to producers are decisive competitive advantages.
For GFL Environmental Services — a diversified environmental services company headquartered in Vaughan, Ontario and one of North America's largest environmental and waste management operators — the acquisition provides both a physical footprint and an established customer network in Western Canada's energy services market. H2Oil's team and customers, in turn, gain access to the scale, platform, and resources of a major continental operator.
The transaction arrives at a pivotal moment for Canadian energy M&A. Canadian energy deal activity reached its highest level in eight years in 2025, with total deal value climbing to approximately C$48 billion — more than four times the volume of the prior year. That momentum continued into the first quarter of 2026, with energy ranking first nationally in deal value at US$14.8 billion across 31 transactions, according to data from Bennett Jones and S&P Global Market Intelligence.
"Canada is being taken seriously as an energy superpower again, and the M&A market reflects that," said Reece Tomlinson, Founder and CEO of RWT Capital. "Energy companies with real assets and trusted customer relationships, like H2Oil, are exactly what strategic acquirers are after right now. The megadeals have gotten the attention, but the mid-market is where the real activity is happening. The buyer pool for well-positioned regional operators has never been deeper."
Tomlinson pointed to a broader consolidation trend playing out across the vacuum truck and energy services sector: strategic buyers and infrastructure investors are increasingly competing for established mid-market operators with specialized fleets, proven operating histories, and long-standing producer relationships — qualities that are difficult to replicate organically and that command strong valuations in the current market.
About H2Oil Energy Inc.
H2Oil Energy Inc. is one of Alberta's largest providers of fluid hauling, vacuum truck services, H2S scrubbing, and turnaround services, operating a fleet of more than 115 power units across northwestern Alberta. The company serves upstream oil and gas producers throughout the region. For more information, visit h2oilenergy.ca.
About GFL Environmental Services Inc.
GFL Environmental Services Inc. is a diversified environmental services company headquartered in Vaughan, Ontario, and one of North America's largest environmental and waste management companies. GFL provides a broad range of non-hazardous solid waste management, liquid waste management, and soil remediation services across Canada and the United States. For more information, visit gflenv.com.
About RWT Capital Corp.
RWT Capital Corp. is one of Canada's leading boutique M&A advisory firms with offices in Kelowna, Calgary, and Vancouver. With more than 130 completed mandates across 16 countries, RWT Capital advises mid-market companies on acquisitions, divestitures, succession planning, and strategic growth initiatives, with particular depth in energy, industrial services, infrastructure, and business services. For more information, visit rwtcapital.com.
Original release distributed via RWT Capital / Business Wire, June 1, 2026.
