The most recent update to this tracker is:
- J.F. Lehman & Co. is launching a new environmental services platform through the acquisition of majority stakes in Chicago-based Tradewater and Indianapolis-based Reclamation Technologies USA. Tradewater specializes in the collection and control of refrigerant and methane gases, according to a release. RTI is also a refrigerant recovery and reclamation provider. J.F. Lehman is an infrastructure asset manager and previously acquired Heritage-Crystal Clean for $1.2 billion in 2023.
- Laurel Mountain Partners-backed 5280 Waste Solutions acquired Compost Colorado and Wompost in October. The two organic waste haulers were rolled up into 5280's commercial and residential service offerings which will use the Compost Colorado name. Compost Colorado also operates the city of Denver's only commercial composting facility.
- Private equity-backed Amlon Group acquired industrial waste management firm Mastermelt America in a deal that closed in May 2025. Mastermelt operates a facility in Sweetwater, Tennessee, that offers thermal processing and chemical dissolution of complex industrial materials, adding to Amlon's specialized processing capabilities, according to a release. Amlon is backed by Heartwood Partners and is based in Texas.
- Casella Waste Systems closed on Jan. 1 its previously announced transaction for West-Virginia based Mountain State Waste. The acquisition adds to Casella’s footprint in Pennsylvania and expands its presence in other states.
- Unified Disposal Partners, a private equity portfolio company, says it has acquired Evergreen Waste, a veteran-owned hauler providing curbside waste and recycling services in the Nashville, Tennessee, area. The deal continues its recent expansion in the region, which last year included several other Nashville-area acquisitions.
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 $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.
