The deal reflects Western Canada’s busiest energy M&A cycle in nearly a decade.
CALGARY, Alberta–(BUSINESS WIRE)–#CanadianMA—RWT Capital Corp., one of Canada’s leading boutique M&A firms with deep expertise in energy and industrial transactions, today announced the successful closing of the sale of H2Oil Energy Inc. to GFL Environmental Services Inc. RWT Capital acted as the exclusive sell-side advisor to H2Oil Energy throughout the transaction.
As one of Alberta’s largest providers of fluid hauling, vacuum truck, H2S scrubbing, and turnaround services, H2Oil operates a fleet of more than 115 power units across northwestern Alberta and has built a reputation as a trusted partner to upstream oil and gas producers.
GFL Environmental Services Inc. is a diversified environmental services company headquartered in Vaughan, Ontario. The acquisition strengthens GFL’s footprint in Western Canada while giving H2Oil’s team and customers access to the scale and platform of one of North America’s largest environmental and waste management companies.
Reece Tomlinson, Founder and CEO of RWT Capital Corp., said the transaction reflects renewed confidence in Western Canada’s energy economy and continued momentum across the energy services sector. Canadian energy M&A recorded its busiest year in eight years in 2025, with total deal value reaching C$48 billion, more than four times the volume of the prior year, according to S&P Capital IQ data.
That momentum has carried into 2026, with the energy sector ranking first nationally in Q1 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 Tomlinson. “Energy companies with real assets and trusted customer relationships, like H2Oil, are exactly what strategic acquirers are after right now.”
Tomlinson said growing interest from both domestic and international buyers is expected to continue driving consolidation across the mid-market energy services sector. RWT Capital continues to see strong momentum in the sector, supported by its track record of delivering above-market outcomes for clients across complex energy and industrial transactions.
“The megadeals have gotten the attention, but the mid-market is where the real activity is happening right now,” she said. “We’re seeing 36 percent of private and PE-backed companies in Canada actively planning acquisitions, and in energy services, the buyer pool for well-positioned regional operators has never been deeper.”
About RWT Capital Corp.
RWT Capital is a Canadian boutique M&A advisory firm with offices in Kelowna, Calgary, and Vancouver. The firm advises mid-market companies on sell-side, buy-side, and strategic transactions across a range of sectors, with particular depth in energy, industrials, infrastructure, and business services. With more than 130 completed mandates across 16+ countries, the firm brings deep regional knowledge and established relationships with strategic and financial buyers across North America.
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