The U.S. waste and recycling industry's M&A activity has neared historic levels in recent years. While some of these transactions receive publicity, many others may not and Waste Dive is working to catalog as many as possible to provide a fuller look at the state of industry consolidation and expansion.
Among the industry's largest publicly traded players, 2021 spending was estimated to potentially reach as high as $3.46 billion. Full details won't be released until companies release fourth-quarter results, but official third-quarter results and reporting in November indicated the following:
- Waste Management reported spending $11 million on acquisitions through Q3 but declined to disclose further details. A company spokesperson said the primary focus remains integrating the $4.6 billion acquisition of Advanced Disposal Services from last year. Activity is believed to have ramped up in Q4.
- Republic Services, which spent $922 million on acquisitions through Q3, declined to confirm or expand on Waste Dive's list of identified transactions.
- Waste Connections reported spending $561 million (net of cash acquired) on 14 deals through Q3 and similarly declined to confirm or expand on Waste Dive's list.
- GFL Environmental, which spent CA$2.2 billion on 37 North American deals through Q3 did not respond to requests for comment.
- Casella Waste Systems, which spent $153 million (net of cash acquired) on nine deals through Q3, declined to expand on Waste Dive's list. At least one unidentified transaction occurred in western New York during early 2021.
In addition to the main public companies, the industry has also seen notable acquisition activity by a range of private companies — including multiple with private equity backing — and many confirmed or shared information for this list.
The list is currently limited to deals focused on companies that specifically provide municipal solid waste service in the United States. Please send any additional information to crosengren@industrydive.com.
Jan. 20: The most recent update to this list is Waste Connections' pending acquisition of Massachusetts-based ABC Disposal Service. Deals completed during 2021 by Republic Services in Maryland, as well as GFL Environmental in Michigan and South Carolina, have also been added.
