Clean Harbors to Acquire EnviroServe for $470 Million, Targeting $25 Million in Synergies
The environmental services provider plans to expand its waste management footprint through a deal expected to close in the second half of 2026.
Deal Structure and Financial Metrics
Clean Harbors, Inc. (NYSE: CLH) announced August 12 that it has entered into a definitive agreement to acquire EnviroServe, a national environmental and waste management services provider, from an affiliate of One Rock Capital Partners for $470 million in cash (8-K filing, 2026-08-12). The company plans to fund the transaction through available cash and additional debt financing.
EnviroServe is expected to generate approximately $250 million in annual revenues and approximately $27 million in adjusted EBITDA (8-K filing, 2026-08-12). Clean Harbors projects approximately $25 million in cost synergies to be realized over the first two years, which would result in a post-synergy acquisition multiple of approximately 9X adjusted EBITDA (8-K filing, 2026-08-12).
Strategic Rationale
The acquisition adds a network of 40 locations to Clean Harbors' existing footprint, including 18 10-day transfer facilities, several solidification facilities, and railcar cleaning locations (8-K filing, 2026-08-12). Headquartered in Sandy, Utah, EnviroServe serves nearly 2,500 customers with permits in 48 states.
"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," said Eric Gerstenberg, Co-Chief Executive Officer of Clean Harbors (8-K filing, 2026-08-12).
The target company operates a specialized fleet of more than 700 vehicles, including over 100 vacuum trucks, and employs more than 700 people (8-K filing, 2026-08-12). Its asset base includes more than 1,400 roll-off containers, vacuum boxes, and frac tanks.
Revenue Quality and Operational Performance
EnviroServe's customer base demonstrates notable stability, with 85% of revenue characterized as recurring and the average tenure of its top 10 customers exceeding 16 years (8-K filing, 2026-08-12). The company's offerings span remediation, rail services, industrial cleaning, emergency response, and hazardous and non-hazardous waste transportation and processing.
Co-Chief Executive Officer Mike Battles highlighted the cultural alignment, noting that EnviroServe achieved a sub-1.0 Total Recordable Incident Rate (TRIR) in the most recent year (8-K filing, 2026-08-12). "After we realize the approximately $25 million of synergies, we expect this acquisition to be meaningfully accretive to earnings and cash flow," Battles stated (8-K filing, 2026-08-12).
Transaction Timeline and Advisors
The transaction is subject to regulatory approval and other customary closing conditions, with completion expected in the second half of 2026 (8-K filing, 2026-08-12). Davis, Malm & D'Agostine is serving as legal counsel to Clean Harbors, while RBC Capital Markets and Brown Gibbons Lang & Company are financial advisors to EnviroServe, with Latham & Watkins LLP providing legal counsel.
MarginX data shows Clean Harbors is expected to report Q3 2026 results on October 28, 2026. Recent insider activity includes a sale of 789 shares by Andrea Robertson and tax withholdings by Alan S. McKim totaling 2,608 shares.
This article was generated by MarginX from the 8-K filing on 2026-08-12. It is not investment advice.