are teaming up to buy Coco Paving Group, the family business run by the controlling shareholders of troubled Bridging Finance Inc., The Globe and Mail has learned.
Coco Paving is a family business run by siblings Jenny and Rock-Anthony Coco that predominately operates in Ontario, where GFL is also based. The Globe reported Tuesday that the Cocos are in talks to sell the business, and subsequently learned a deal with BC and GFL has been signed. In late December, Coco Paving sent a letter to its employees announcing a transaction with GFL, but added that the deal would not be finalized until the spring of 2022.
Coco Paving employs about 3,000 people and owns 34 asphalt plants. In its letter to employees, the company said, “GFL plans to leverage the expertise of the Coco Paving Group to continue to grow its infrastructure business.” The Coco Paving sale coincides with the continuing scandal at private lender Bridging, where hundreds of millions of dollars from 26,000 predominately retail investors have disappeared. In addition to her stake in the company, Ms. Coco was one of eight people who sat on Bridging’s credit committee, which approved loans.
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