Aug. 10: The most recent update to this list is LRS' acquisition of Illinois-based Doty Sanitation. The second-generation family business, based in Beecher City, performs a range of residential, commercial and roll-off collection services. This marks the ninth acquisition for LRS during 2022.
Other recent updates include West Virginia-based Whitecap Waste acquiring Oak Hill Garbage Disposal, a family-owned company that had been operating for 50 years.
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 second quarter earnings reports, those companies appear to be maintaining a similar pace this year and intend to close more deals before 2023.
| Q2 Acquisition Spend* | 2022 Spend* | 2022 Annualized Revenue Acquired | |
|---|---|---|---|
| WM | $0 | $5M | $3M |
| Republic Services | $2.473B | $2.516B | Not reported |
| Waste Connections | $191.77M | $546.98M | $245M |
| GFL Environmental** | $688.98M | $741.49M | $281.76M |
| Casella Waste Systems | $6.5M | $56.25M | $47M |
*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.
