What We’re Doing
Waste360 Waste Expo 2019
On May 6th through 9th, Harris Williams’ Business Services team attended the Waste360 Waste Expo in Las Vegas, NV. The team met with various leading companies and investors in the waste services space, and spent time exploring the evolving services offerings across the waste services landscape. Coming out of the event, HW published an article highlighting insights gained on this attractive industry segment, discussing trends, companies, and topics that were at the forefront of the event and how this market is creating attractive opportunities for strategic and financial buyers in the waste management sector.
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What We’re Reading
Waste Connections Buys Lewis Clark Recycling
Waste Connections, The Woodlands, Texas-based waste services company, bought Harrisburg, Illinois-based Lewis Clark Recycling Disposal from Ironwood Capital. The acquisition adds an established solid waste platform with a demonstrated M&A strategy to the Waste Connections network. Jeff Kendall, managing director of Laurel Mountain Management and CEO of Lewis Clark stated, “We worked closely with Dickson and the Ironwood Environmental Services team to execute on a buy-and-build strategy for Lewis Clark. Over the past two years the company has completed several tuck-in acquisitions resulting in an expanded geographic footprint, as well as construction of a new transfer station facility.”
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Clean Earth to Be Acquired by Harsco
Harsco, a Camp Hill, PA-based engineered products and services company, has agreed to acquire Clean Earth, a Hatboro, PA-based waste processing company, from Compass Group Diversified Holdings, for $625m. Clean Earth currently maintains a portfolio of more than 200 scarce and difficult-to-replicate permits with a 100% permit renewal success rate, to date. In 2019, the company is expected to generate about $300m of revenue and approximately $65m of adjusted EBITDA.
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Oxford Cold Storage Acquired by Emergent Cold
Emergent Cold and Oxford Cold Storage announced on May 28th that they have signed an agreement under which Emergent Cold will acquire Oxford Cold Storage. This acquisition complements the broader Emergent Cold strategy of creating a global network of cold chain businesses. Paul Fleiszig, Oxford’s operations and marketing director commented “This is a very exciting time for the Oxford business. The Emergent acquisition provides our staff with increased opportunities and career development. It will also provide for the opportunity to service clients across Emergent’s substantial geographical footprint and to increase our service offerings.”
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Public Comparables - Market Performance
Public Comparables 5-Year Price Index (‘14-’19)*
Public Comparables TEV/LTM EBITDA (‘14-’19)*
- As of June 3, 2019.
- Source: FactSet
Information included in this industry update was sourced from Factset.
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