RWT Capital Corp., one of Canada’s leading boutique M&A advisory firms, announced the successful sale of H2Oil Energy Inc. to GFL Environmental Services Inc. RWT Capital served as the exclusive sell-side advisor to H2Oil Energy throughout the transaction.
H2Oil Energy is one of Alberta’s largest providers of fluid hauling, vacuum truck, H2S scrubbing, and turnaround services. The company operates a fleet of more than 115 power units across northwestern Alberta and has established itself as a trusted partner to upstream oil and gas producers.
The acquisition strengthens GFL Environmental Services’ presence in Western Canada while providing H2Oil’s employees and customers access to the resources and scale of one of North America’s largest environmental and waste management companies.
According to RWT Capital, the transaction comes amid a strong resurgence in Canadian energy M&A activity. The firm noted that Canadian energy M&A reached its highest level in eight years during 2025, with total deal value climbing to C$48 billion, more than four times the volume recorded in the previous year. The momentum has continued into 2026, with the energy sector leading Canada in first-quarter deal value at US$14.8 billion across 31 transactions.
RWT Capital said increasing interest from both domestic and international buyers is continuing to drive consolidation across the mid-market energy services sector. The firm expects demand for established operators with strong customer relationships and proven assets to remain robust as strategic acquirers seek growth opportunities.
Founded in Canada, RWT Capital advises mid-market companies on sell-side, buy-side, and strategic transactions across sectors including energy, industrials, infrastructure, and business services. The firm has completed more than 130 mandates across more than 16 countries.
KEY QUOTES:
“Canada is being taken seriously as an energy superpower again, and the M&A market reflects that. 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 right now. 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.”
Reece Tomlinson, Founder and CEO, RWT Capital Corp.
