Dec. 5: The most recent update to this list is Covanta’s acquisition of three related companies in upstate New York — SGS Recovery, Frontier Fibers and Buffalo Fuel Corp. The companies, previously owned by the Santarosa Group, are located near existing Covanta facilities in the region. SGS provides alternative fuels for the cement and lime industry, Frontier makes animal bedding from residual fibers and Buffalo Fuel provides hauling services for a variety of waste streams.
Other recent deals include a Macquarie Asset Management fund acquiring Washington-based DTG Recycle. DTG has become a major C&D recycler in the state and this investment is expected to accelerate that growth in the broader Pacific Northwest region. Republic Services’ acquisition of C6 Disposal Systems in Texas and Waste Connections’ acquisition of Trojan Recycling in Massachusetts have also been added to the list.
The U.S. waste and recycling industry's M&A activity has neared historic levels in recent years. Waste Dive is working to catalog as many deals as possible to provide a more holistic look at the state of industry consolidation and expansion.
Collective M&A spending by the solid waste industry's publicly traded companies is estimated to have reached $4.29 billion in 2021, according to investment firm Jefferies, coming in above prior estimates of around $3.5 billion. Based on data from third quarter earnings reports, those companies appear to be maintaining a similar pace this year and intend to close more deals before 2023.
| Q3 Acquisition Spend* | 2022 Spend* | 2022 Annualized Revenue Acquired | |
|---|---|---|---|
| WM | $210M | $216M | $135M |
| Republic Services | $66.6M | $2.583B | Not reported |
| Waste Connections | $725.9M | $1.273B | $535M |
| GFL Environmental** | $92.58M | $792.56M | $317.7M |
| Casella Waste Systems | $17.71M | $73.96M | $48M |
*Spending totals are net of cash acquired.
**GFL figures converted from Canadian to U.S. dollars for comparison purposes, based on Aug. 10 exchange rate.
In addition to acquisitions by the main public companies, the industry has seen notable activity by a range of private companies, including multiple with private equity backing. This list focuses on deals executed by companies that primarily provide municipal solid waste or recycling services in the United States. We list acquirers 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 crosengren@industrydive.com.
