British private equity firm BC Partners is no longer the lead investor in a deal to co-purchase Coco Paving Group alongside Canadian waste management company GFL Environmental Inc.
On Monday, GFL said the Coco Paving acquisition has closed, and also announced that its co-acquirer is now New York-based HPS Investment Partners Inc. Under the new arrangement, HPS will own 47 per cent of Green Infrastructure Partners , and GFL will own 45 per cent of the new entity. Mr. Dovigi is the executive chair of GIP’s board and will hold the remaining 8-per-cent stake.
The Coco siblings also own 58 per cent of Bridging Finance, a Toronto-based private lender that was placed under the control of a court-appointed receiver, PricewaterhouseCoopers LLP, in April, 2021, at the request of the Ontario Securities Commission. The regulator has alleged David Sharpe, Bridging’s former chief executive officer, oversaw a number of loans that benefited him and his wife, Natasha Sharpe.
Proceeds from the Coco Paving sale will likely draw the attention of Bridging’s receiver, which has pegged investor losses at $1.3-billion – or 62 per cent of assets under management.