Clean Harbors has signed a definitive agreement to acquire EnviroServe from an affiliate of One Rock Capital Partners for $470 million in cash, with the deal expected to close in the second half of the year. The acquisition will be funded through existing cash and additional debt, and Clean Harbors projects cost synergies of about $25 million in the first two years, bringing the post-synergy multiple to roughly 9x adjusted EBITDA. EnviroServe, a national environmental and waste management provider, generates about $250 million in annual revenue and $27 million in adjusted EBITDA, with 85% of revenue recurring and top customers averaging over 16 years of tenure. The deal expands Clean Harbors' railcar cleaning capacity with five facilities and adds a fleet of over 1,400 vacuum boxes, roll-off containers, and frac tanks. However, bears cite integration risks, potential synergy shortfalls, and increased leverage from debt funding, while institutional interest has grown, with hedge fund holdings rising to 61 from 51 in the prior quarter.
Clean Harbors IncClean Harbors acquires EnviroServe for $470M, expanding capacity and projecting synergies.
China Lesso Group Holdings LtdEnviroServe is acquired at a premium, providing liquidity to its owners.
