The waste and recycling industry continued to see notable deal activity in 2025, with spin-offs, mergers and acquisitions encompassing all corners of the business. Here’s a look back at some of Waste Dive’s reporting and analysis on notable deals this year. We also have a list of all the transactions we identified this year in our ongoing M&A tracker.
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2025’s notable waste and recycling acquisitions
The year saw notable deal announcements involving GFL Environmental, Veolia, Enviri, WM, Republic Services, Waste Connections, Casella Waste Systems, LRS and more.
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IWS and Waste Connections buy up NYC market amid commercial waste shift
By Cole Rosengren • Nov. 25, 2025
The two companies are buying assets and routes from competitors throughout the city, including the recent purchase of a Queens transfer station, with more to come. Read the full article ➔
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Veolia to acquire Enviri’s Clean Earth for $3B
By Megan Quinn and Cole Rosengren • Nov. 21, 2025
The deal will help double Veolia’s U.S. footprint in the hazardous waste space. Enviri will also spin out Harsco Environmental and Harsco Rail into a new company. Read the full article ➔
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Waste Connections acquiring Florida Express Environmental
By Cole Rosengren • Nov. 3, 2025
The family-run company has one of the larger privately owned fleets in the Ocala region and is also affiliated with a C&D landfill. Marion County approved a transfer of the company’s franchise agreement on Nov. 4. Read the full article ➔
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GFL Environmental Services acquires mid-sized Michigan industrial waste company
By Jacob Wallace • Oct. 29, 2025
It’s the latest acquisition for the privately held division, which executives plan to grow quickly under the ownership of an Apollo Global Management fund. Read the full article ➔
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Waste Pro reports $170M in M&A for 2025, ‘record year’ for municipal contracts
By Megan Quinn • Oct. 9, 2025
The Florida-based company logged 24 acquisitions and focused on growing its disposal and processing capabilities. It also noted significant municipal contracts worth $520 million in major Florida counties. Read the full article ➔
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GFL acquires Superior Waste from private equity group
By Jacob Wallace • Sept. 10, 2025
The acquisition nets GFL Environmental a fully integrated presence in Oklahoma that includes multiple transfer stations and a municipal solid waste landfill. Read the full article ➔
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Casella Waste acquiring Mountain State Waste in West Virginia
By Megan Quinn • July 14, 2025
The acquisition, representing about $30 million in annualized revenue, opens the door for Casella to operate in new regions of West Virginia, Ohio and Kentucky while expanding its Pennsylvania footprint. Read the full article ➔
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Veolia closes $350M in acquisitions as North America CEO departs
By Cole Rosengren • June 27, 2025
Recent transactions include the purchase of California-based Ingenium, as well buying the only permitted medical waste facility in Massachusetts. VNA is reviewing over a dozen more possible deals, some set to close soon. Read the full article ➔
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EQT acquires majority stake in landfill RNG company Waga Energy
By Megan Quinn • June 6, 2025
The private equity firm completed its acquisition of a majority stake in France-based Waga following regulatory approval. The company’s board was changed after the acquisition, but its management team remains in place. Read the full article ➔
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WM acquires DC-area WB Waste Solutions
By Megan Quinn and Cole Rosengren • May 7, 2025
The private, Maryland-based operation was formed by industry veterans Willie K. Goode and Bruce Bates. It includes a range of commercial and industrial hauling and post-collection assets. Read the full article ➔
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LRS sells its Wisconsin assets to GFL Environmental
By Megan Quinn • March 4, 2025
LRS will exit the Wisconsin market, including a MRF contract, to focus on organic growth in its other core regions, CEO Matt Spencer said. The company also sold a small business in Illinois. Read the full article ➔
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Toyota subsidiary closes deal to acquire Radius Recycling for $907M
By Jacob Wallace • March 17, 2025
The deal expands Toyota’s closed loop system for materials like steel, precious metals and batteries used by automotive manufacturers. Read the full article ➔
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Republic targets $1B in M&A for 2025 after closing a major deal
By Jacob Wallace • Feb. 14, 2025
The company kicked off the year with the acquisition of Shamrock Environmental. On Republic’s Feb. 13 earnings call, executives said investments in the company’s fleet and recycling will continue. Read the full article ➔
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Casella acquires longtime Boston recycler Save That Stuff
By Cole Rosengren • Feb. 4, 2025
Save That Stuff, founded in 1990, comes with a collection fleet and a recycling facility. The company exited a joint venture arrangement to service Boston’s curbside organics program ahead of the transaction. Read the full article ➔
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Triumvirate Environmental confirms private equity investment
By Cole Rosengren • Jan. 28, 2025
Berkshire Partners’ investment values the Massachusetts-based environmental services company at $1.8 billion and marks the latest example of growing interest in the sector. Read the full article ➔
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GFL selling environmental services division to Apollo, BC Partners for $5.6B
By Jacob Wallace • Jan. 7, 2025
GFL will retain a 44% stake in the division, with the option to repurchase within five years. The news marks a turning point in the company’s effort to reduce its debt leverage. Read the full article ➔
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Circular Services buys Atlas Organics from Generate Upcycle
By Jacob Wallace • Nov. 6, 2025
The deal comes nearly four years after Generate Upcycle’s parent acquired a majority stake in Atlas. In the years since, the composter has worked to grow operations within its existing footprint. Read the full article ➔
Recommended Reading
- Tracking the waste and recycling industry's M&A activity By Cole Rosengren, Jacob Wallace, Megan Quinn • Updated Dec. 19, 2025
