Clean Harbors, Inc., announced that it has entered into a definitive agreement to acquire EnviroServe, a national provider of environmental and waste management services, from an affiliate of One Rock Capital Partners, LLC for $470 million in cash.
The acquisition is expected to close in the second half of 2026, subject to regulatory approval and other customary closing conditions.
“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 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. At the same time, EnviroServe’s emergency response assets and rail cleaning facilities will enhance our Field Services business.”
Headquartered in Sandy, Utah, EnviroServe serves nearly 2,500 customers through a network of 40 locations. Its national footprint is supported by permits in 48 states, which include 18 10-day transfer facilities, several solidification facilities and railcar cleaning locations. Offerings include remediation, rail services, industrial cleaning and emergency response, as well as hazardous and non-hazardous waste transportation and processing.
On an adjusted basis, EnviroServe is expected to generate annual Adjusted EBITDA of approximately $27 million on approximately $250 million of revenues. Clean Harbors expects the acquisition to generate sizeable cost synergies of approximately $25 million that will be realized over the first two years, which equates to a post-synergy acquisition multiple of approximately nine times Adjusted EBITDA. Clean Harbors expects to fund the acquisition through available cash and the issuance of additional debt financing.
Mike Battles, Co-Chief Executive Officer of Clean Harbors, said, “The addition of EnviroServe aligns with our capital allocation philosophy of prioritizing profitable growth and margin improvement to drive long-term shareholder returns. After we realize the approximately $25 million of synergies, we expect this acquisition to be meaningfully accretive to earnings and cash flow. Culturally, we see a great fit with our organization.
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 (Total Recordable Incident Rate) in the most recent year. This acquisition will offer career-enhancing opportunities for EnviroServe employees, and we look forward to welcoming them into the Clean Harbors’ family.”
Key strategic benefits of the transaction for Clean Harbors include:
Complementary network of 10-day facilities that will drive additional waste and recycling volumes through Clean Harbors’ disposal and recycling sites;
A long-term customer base that has come to rely on EnviroServe for multiple environmental and waste needs;
- Considerable synergies in areas such as assets, transportation, branch locations and procurement;
- Expansion of railcar cleaning capabilities through EnviroServe’s five sites and highly trained team specializing in that service;
- The addition of a significant vehicle fleet and a large equipment fleet, including more than 1,400 roll-off containers, vacuum boxes and frac tanks; and
- Meaningful cross-selling opportunities through the introduction of the Clean Harbors and Safety-Kleen brands.
EnviroServe employs more than 700 people and operates a specialized fleet of more than 700 vehicles, including more than 100 vacuum trucks. Its customers span a diverse range of industries and 85% of its revenue is recurring in nature, with the average tenure of its top 10 customers exceeding 16 years.
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Andy Peyton, Chief Executive Officer of EnviroServe, said, “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.”
For this acquisition, Davis, Malm & D’Agostine is serving as legal counsel to Clean Harbors. For EnviroServe, RBC Capital Markets and Brown Gibbons Lang & Company (BGL) are serving as its financial advisors and Latham & Watkins LLP is serving as legal counsel.
