The most recent updates to this tracker are:
- TerraCycle acquired Connecticut-based NLR, a provider of universal waste recycling services for categories such as lamps, batteries and electronics. This is the fourth acquisition for TerraCycle’s Commercial division as it looks to expand. The deal was largely paid for with funds raised in 2025.
- Liberty Waste Solutions acquired North Carolina-based M&M Garbage Disposal. M&M provides subscription residential services in the Greensboro and Triad areas. Liberty is backed by private equity firm Allied Industrial Partners.
- GFL Environmental recently acquired Michigan-based Lake Area Waste. The company, located between Traverse City and Cadillac, has an estimated five vehicles according to federal records.
- Veolia completed its $3 billion purchase of Clean Earth from Enviri. The deal makes Veolia the second-largest hazardous waste company in the United States. Veolia now operates more than 150 hazardous waste locations in the U.S., including six incinerators and 33 treatment facilities.
The waste and recycling industry's M&A activity has neared historic levels in recent years.
Collective M&A spending by the U.S. solid waste industry's publicly traded companies approached an estimated $3.3 billion in 2025, $10.9 billion in 2024, $4.2 billion in 2023 and $6.3 billion in 2022. This total does not include deals involving companies with private equity or infrastructure fund backing, which have become increasingly active in recent years.
This tracker’s lists for 2021-2023 focused on deals executed by companies that primarily provide municipal solid waste or recycling services in the United States. As of 2024, our list also includes environmental services transactions and all deals in Canada. Transactions involving significant investments, including minority stakes, may also be included.
We list acquirers or lead investors in alphabetical order by their parent company or common operating name, which may differ from the specific legal entities involved in the acquisitions. Please send feedback or tips to waste.dive.editors@industrydive.com.
