Clean Harbors announced on Wednesday its intent to acquire environmental services provider EnviroServe from private equity firm One Rock Capital Partners for $470 million. The deal includes a network of 40 facilities, including 18 10-day transfer facilities that Clean Harbors expects will increase the capacity of its recycling and disposal portfolio.
Clean Harbors highlighted "considerable synergies" with EnviroServe in a release announcing the deal, including through the integration of its specialized fleet of more than 700 vehicles, an emergency response network and five railcar cleaning sites. EnviroServe employs more than 700 people and operates in 48 U.S. states.
“EnviroServe is an ideal acquisition for us given its national footprint, permitted locations and recurring revenue,” Clean Harbors co-CEO Eric Gerstenberg said in a statement.
EnviroServe, based in Sandy, Utah, is backed by an affiliate of One Rock. The backer acquired EnviroServe via a carveout from Savage Companies in 2023. One Rock’s portfolio also includes chemical and process industries and specialty manufacturing companies.
Following the One Rock deal, EnviroServe pursued an organic growth strategy. It opened locations in Richmond, Virginia; Kansas City, Kansas; Columbia, South Carolina; and Cape Canaveral, Florida. It also made two acquisitions in 2024: Maine-based Environmental Projects and Texas-based CG Environmental. The latter deal also added services in Colorado, Oklahoma and Missouri.
In 2025, Clean Harbors owned a fleet of more than 20,000 vehicles and 33 transfer, storage and disposal locations that facilitated the movement of hazardous waste through its network of assets, according to its annual report. Those facilities saw increasing volumes year over year, directly contributing to growing revenue in the company's environmental services business segment. The company’s network of disposal assets includes 10 commercial hazardous waste incinerators and seven landfills.
The company projects synergies of $25 million with EnviroServe in the first two years following deal close. Through the deal, it also projects added annual revenues of $250 million that will generate $27 million of annual adjusted earnings before income, taxes, depreciation and amortization.
Clean Harbors has taken a more aggressive approach to M&A this year. Through the second quarter, it had spent more than $357 million in cash on acquisitions. Several of those transactions have been larger deals for companies with multiple facilities and environmental services capabilities, as opposed to the small tuck-in deals common in non-hazardous waste and recycling.
The largest acquisition that it’s closed this year is a $225 million deal for Terra Nova Solutions. The company was a private equity-backed industrial waste and wastewater services provider based in North Carolina. That deal was expected to add up to $50 million in annual revenue and $15 million of adjusted EBITDA. The company also disclosed on its second quarter earnings call its $30 million acquisition of Western Oil, a field services and waste oil collection business serving New England.
In the first quarter, Clean Harbors closed its $131.8 million deal for assets from Depot Connect International, which included five locations in Ohio, Louisiana and Texas with wastewater treatment, solidification and railcar cleaning. Co-CEO Mike Battles also discussed on the company’s first quarter call the possibility of tuck-in deals this year that will add to Clean Harbors’ environmental services network.
Clean Harbors is also in the final stages of a $305 million deal for ES&H, a regional provider of environmental and emergency response services in the Gulf Coast. The company expects that deal to close in the second half of the year.
The M&A environment more broadly remains active this year, highlighted by Veolia’s $3 billion acquisition of Clean Earth from Enviri. Analysts predict transaction volume in the waste and recycling industry will remain strong in the second half of the year.
