Arcwood Environmental, the Indianapolis-based environmental services provider backed by EQT Infrastructure, announced its sixth acquisition in two years: Rockville, Maryland-based Environmental Management Services.
EMSI specializes in hazardous and regulated medical waste management, as well as emergency response, environmental compliance and safety services. The company will be absorbed into Arcwood, where the buyer plans to roll EMSI’s solutions into its larger network. Arcwood’s footprint is centered around the Northeast, Midwest and Gulf states, but the company has plans to grow nationally.
Arcwood, formerly known as Heritage Environmental Services, has evolved its strategy since EQT Infrastructure acquired a majority stake in 2024. Following a rebrand, Arcwood invested $80 million in 2025 to upgrade to its facilities, including new incineration capacity in Texas and shredding capabilities in Ohio.
The company has also spent “hundreds of millions of dollars in acquisitions” over the past two years, according to a release. In May, Arcwood acquired Alabama-based Safeway, which operates an industrial services business to manage hazardous and non-hazardous waste and an environmental services business to provide field and other services. Arcwood also expanded in the mid-Atlantic region in January through its acquisition of MXI Environmental Services/Dynamic Recycling, which operated a MRF, two ethanol recycling facilities and a hazardous waste trucking company.
EMSI was founded in 1989 and has 42 employees today. Its customers include healthcare systems, pharmaceutical manufacturers, government agencies, educational institutions and industrial organizations, per a release announcing the deal.
“Every investment we make is centered on delivering greater value to our customers,” Arcwood CEO HP Nanda said in a statement. “EMSI has earned an outstanding reputation for technical expertise, responsive service and trusted customer relationships.”
The deal is the latest example of private equity interest in rolling up assets in the environmental services and industrial waste space. In June, TPG announced it would acquire and combine Waste Eliminator and Liberty Waste Solutions, two businesses in the Southeast. The deal combines residential and industrial services in a single platform.
Other notable companies that could be on the market include Superior Environmental Services, an industrial cleaning provider, and Valicor Environmental Services, a grease liquids and water treatment provider, according to PE Hub.
