Select Environmental Services M&A Transactions


Harsco Announces Acquisition of Stericycle’s Environmental Solutions Business

  • Stericycle’s Environmental Solutions business (“ESOL”) provides a comprehensive portfolio of disposal solutions to customers across the industrial, retail, and healthcare markets, with a focus on hazardous waste disposal
  • Harsco is a global provider of environmental solutions for industrial & specialty waste streams and innovative technologies for the rail sector; the company will combine ESOL with its Clean Earth business, which also focuses on hazardous waste
  • The transaction is expected to enhance Harsco’s service offerings across the industrial waste value chain, expand the scale & footprint of the company’s hazardous waste processing facilities across the U.S., broaden customer relationships across industries, and generate meaningful cost & revenue synergies; the transaction is accretive to Harsco’s earnings

GFL Environmental Acquires American Waste

  • American Waste is a vertically-integrated provider of a range of solid & liquid waste solutions to the Michigan and Pennsylvania markets
  • GFL Environmental is the fourth largest diversified environmental services company in North America, providing a comprehensive line of non-hazardous solid & liquid waste management and infrastructure & soil remediation services across the U.S. and Canada
  • The acquisition provides GFL with excess landfill capacity in both Michigan and upstate New York, allowing the company to offer competitive pricing for the large volume of solid waste the company controls through local collection networks
  • The transaction adds to GFL’s solid & liquid waste capabilities, creating a more complete service offering for customers

TPG Growth Acquires Denali Water Solutions

  • Denali Water Solutions is a leading provider of specialty waste, environmental recycling, and disposal services in the U.S., with a focus on wastewater residuals management
  • The company services a variety of municipal, industrial food processing, and downstream industrial clients, with its value proposition stemming from accessible & cost-effective disposal solutions underpinned by an extensive network of permitted farmland and organic waste processing facilities
  • TPG Growth is the middle-market & growth equity investment platform of TPG, a global alternative asset management firm
  • Denali is expected to leverage TPG’s deep sector knowledge and experience to drive value creation and growth

ACON Investment Acquires Pine Environmental Services

  • Pine Environmental Services is the largest independent provider of environmental test & measurement equipment solutions in North America
  • The company serves a highly diversified customer base, including environmental consulting firms, offering rental, sales, and service solutions for project and equipment needs
  • ACON Investments is a private equity firm located in Washington, D.C.
  • Pine’s partnership will leverage ACON Investments’ professional networks to drive continued growth and market expansion, as well as to pursue accretive acquisitions

Public Market Observations1










Public Valuation Multiples by Sector1

What We’re Reading

Trash Industry Braces for Potential Deluge of Coronavirus Waste

As coronavirus spreads across the U.S., the trash industry is girding for a potential rise in infectious waste while grappling with concerns about workers’ exposure to the pathogen. Waste-treatment companies say hospitals are already generating more trash that needs to be specially treated, while the pandemic is also challenging regular household collection. Stericycle Inc., one of the country’s largest medical waste providers, says that coronavirus waste should be manageable, partly because of an expected drop in waste from elective procedures and dentist visits, and that it can run extra shifts at facilities. Coronavirus also generates much less waste than previous crises such as Ebola, in which patients’ body fluids were a big contributor. Still, a Stericycle spokeswoman cautioned that “the environment is rapidly changing, and forecasting volumes is challenging.”  When the virus first emerged, some states recommended classifying any coronavirus-related waste as medical waste, but federal regulators have since issued guidance that only a small amount of this waste requires such classification and treatment.


How Sewage Could Reveal the True Scale of Coronavirus Outbreak

More than a dozen research groups worldwide have started analyzing wastewater for the new coronavirus as a way to estimate the total number of infections in a community, given that most people will not be tested. This method could also be used to detect the coronavirus if it returns to communities, say scientists. One treatment plant can capture wastewater from more than one million people, says Gertjan Medema, a microbiologist at KWR Water Research Institute in Nieuwegein, the Netherlands. Monitoring influent at this scale could provide better estimates for how widespread the coronavirus is than testing, because wastewater surveillance can account for those who have not been tested and have only mild or no symptoms. Studies have also shown that SARS-CoV-2 can appear in human waste within three days of infection, which is much sooner than the time taken for people to develop symptoms severe enough for them to seek hospital care — up to two weeks. Earlier identification of the virus’s arrival in a community might limit the health and economic damage caused by COVID-19, especially if it comes back next year, says Bibby.


Verdantix Says Spending on EHS Software Will Reach $2 billion in 2025, Reflecting a 10% Growth Rate

"The global market for Environmental, Health & Safety (“EHS”) software will grow from $1.35 billion in 2020 to $2.2 billion in 2025 according to a new study from independent research firm Verdantix. The forecasted compound annual growth rate of 10% will be driven by private equity and growing customer demands for innovation. Vendors positioned to benefit from this growth include EHS software players such as Enablon, Intelex, Isometrix and Sphera, as well as private equity funds including Frog Capital, Goldman Sachs, Summa Equity, and Thoma Bravo. 'The market has seen an influx of private equity firms injecting new money into EHS software vendors, which is fueling product development,' commented Verdantix Senior Analyst Bill Pennington. 'With EHS functions increasingly focusing on innovation, such as the continued shift from on-premise to SaaS deployment and an increased presence of dedicated IoT safety platforms, this is driving the appetite for spending on EHS technologies.'"


A Challenging Time for Recyclers: First, China’s Ban. Now, Coronavirus

Two years ago, China decided to ban imports of mixed paper and plastic and introduced limits for scrap metal, upending global recycling markets. China’s shift has removed a major source of demand for recyclables, driving down their prices. It also resulted in higher processing costs, as many countries around the world followed the Chinese example and set higher quality standards for imports of recycled goods. The industry has responded by asking municipalities to pay more for recycling services, the so-called fee-for-service strategy.  

With that transition still in progress, coronavirus struck, which has transferred waste away from commercial customers toward residential customers, which tend to operate under long-term contracts.  The industry is hoping that the current economic environment will increase demand for recycled goods and drive up commodity prices.


Select Recent M&A Transactions

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Harris Williams Overview

Global Advisory Platform

  • Founded in 1991
  • 350+ professionals across eight offices globally
  • 170+ closed transactions in the last 24 months
  • 10 dedicated industry groups


Environmental Services Focus Areas

  • Solid Waste Mgmt. & Recycling
  • Diversified Waste Mgmt. & Recycling
  • Hazardous Waste / Industrial Cleaning
  • Specialty Services
  • Testing & Analytical Services
  • Remediation, Consulting, & Engineering
  • Resource Recovery & E-Waste
  • Water Equipment & Chemicals
  • Water Utilities & Services

Select HW Transactions

screen_shot_2020-04-21_at_1.11.08_pm.pngComprehensive provider of infrastructure and environmental testing, inspection, & consulting services




screen_shot_2020-04-21_at_1.11.54_pm.pngIndustry leading environmental, health, safety, & quality software provider offering a unified SaaS platform




screen_shot_2020-04-21_at_1.12.31_pm.pngLargest vertically integrated provider of grease trap and related services




screen_shot_2020-04-21_at_1.13.14_pm.pngLeading provider of specialized cleaning solutions & wastewater treatment





screen_shot_2020-04-21_at_1.13.52_pm.pngMarket-leading provider of closed-loop total oil management solutions





screen_shot_2020-04-21_at_1.14.34_pm.pngNational provider of post-construction stormwater management services




screen_shot_2020-04-21_at_1.15.10_pm.pngNorth America’s largest provider of industrial cleaning and environmental services to the energy, industrial, & utility end markets




screen_shot_2020-04-21_at_1.16.24_pm.pngLeading provider of contract cleaning & nigh sanitation services to the North American food industry




screen_shot_2020-04-21_at_1.17.27_pm.pngComprehensive provider of environmental consulting services across the globe, with a focus on intelligent solutions




screen_shot_2020-04-21_at_1.18.30_pm.pngProvider of comprehensive contaminated material services across a wide variety of end markets




1. CapIQ


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