NORWELL, MA — Clean Harbors, Inc. (NYSE: CLH), North America's leading provider of environmental and industrial services, has announced a definitive agreement to acquire EnviroServe, a national environmental and waste management services company, from an affiliate of One Rock Capital Partners for $470 million in cash. The transaction is expected to close in the second half of 2026, subject to regulatory approval and customary closing conditions.
For the vacuum excavation and industrial services sector, the deal's most notable operational detail is EnviroServe's fleet: more than 700 vehicles, including over 100 vacuum trucks, along with more than 1,400 roll-off containers, vacuum boxes, and frac tanks. That equipment inventory, combined with EnviroServe's network of 40 locations and permits across 48 states, gives Clean Harbors a significant injection of mobile vacuum and containment capacity that complements its existing industrial and field services portfolio.
Headquartered in Sandy, Utah, EnviroServe serves nearly 2,500 customers through a service mix that includes remediation, industrial cleaning, emergency response, rail services, and hazardous and non-hazardous waste transportation and processing. The company operates 18 ten-day transfer facilities, several solidification facilities, and five railcar cleaning locations. EnviroServe employs more than 700 people, and 85% of its revenue is recurring in nature — with the average tenure of its top 10 customers exceeding 16 years.
On an adjusted basis, EnviroServe is expected to generate approximately $27 million in annual Adjusted EBITDA on approximately $250 million in revenues. Clean Harbors anticipates $25 million in cost synergies to be realized over the first two years, equating to a post-synergy acquisition multiple of approximately nine times Adjusted EBITDA. The company intends to fund the transaction through available cash and additional debt financing.
"EnviroServe is an ideal acquisition for us given its national footprint, permitted locations and recurring revenue," said Eric Gerstenberg, Co-Chief Executive Officer of Clean Harbors. "The addition of EnviroServe's strategically located, 10-day transfer facilities will further strengthen our Technical Services business and support increased throughput across our disposal and recycling portfolio. We envision meaningful cross-selling opportunities as their customers will now have direct access to our industry-leading network and broad suite of environmental and industrial services."
Co-CEO Mike Battles highlighted the cultural alignment between the two companies: "EnviroServe prides itself on being a responsible environmental steward, with a commitment to operating not only safely, but sustainably. Their customer tenure speaks to their service quality, and their safety principles mirror ours, as evidenced by their sub-1.0 TRIR in the most recent year."
EnviroServe CEO Andy Peyton welcomed the combination: "Clean Harbors' resources, innovation and commitment to service will enhance our ability to deliver leading recycling and waste management services to our customers. At the same time, this transaction provides an opportunity for our team members to become part of one of the world's largest and most successful environmental services companies."
Davis, Malm & D'Agostine is serving as legal counsel to Clean Harbors. RBC Capital Markets and Brown Gibbons Lang & Company are serving as financial advisors to EnviroServe, with Latham & Watkins LLP as its legal counsel.
About Clean Harbors
Clean Harbors (NYSE: CLH) is North America's leading provider of environmental and industrial services, serving a majority of Fortune 500 companies across chemical, manufacturing, refining, and government sectors. Services include end-to-end hazardous waste management, emergency spill response, industrial cleaning and maintenance, and recycling. Founded in 1980 and based in Massachusetts, Clean Harbors operates across the United States, Canada, Mexico, Puerto Rico, and India. For more information, visit cleanharbors.com.
Safe Harbor Statement
Any statements contained herein that are not historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements may include, but are not limited to, statements about the Company's planned acquisition of EnviroServe, future financial and operating results, plans, strategy, objectives and goals, and other statements that are not historical facts. Such statements are based upon the beliefs and expectations of Clean Harbors' management as of the date of this press release only and are subject to certain risks and uncertainties that could cause actual results to differ materially, including operational and safety risks; cybersecurity risks; risks associated with retaining and hiring key personnel; environmental liability risks; negative economic or industry developments; changes in statutory and regulatory requirements; risks associated with existing and potential litigation; risks relating to the Company's indebtedness; and those items identified as "Risk Factors" in Clean Harbors' most recently filed reports on Form 10-K and Form 10-Q. Forward-looking statements are neither historical facts nor assurances of future performance. Readers are cautioned not to place undue reliance on these forward-looking statements. Clean Harbors undertakes no obligation to revise or publicly release the results of any revision to these forward-looking statements other than through its filings with the Securities and Exchange Commission, which may be viewed in the "Investors" section of Clean Harbors' website at cleanharbors.com.
Original release distributed via Business Wire.
