Clean Harbors said it will buy EnviroServe for $470 million in cash, adding a business that generated about $250 million in revenue and $27 million in adjusted EBITDA on an annualized basis.
EnviroServe brings 40 locations, permits in 48 states and a customer base of nearly 2,500. Its footprint includes 18 10-day transfer facilities, several solidification sites and railcar cleaning locations. The company also operates a fleet of more than 700 vehicles, including more than 100 vacuum trucks, and employs more than 700 people.
Clean Harbors said it expects $25 million in cost synergies over the first two years after closing. That would bring the deal to about 9 times adjusted EBITDA on a post-synergy basis, down from roughly 17.4 times based on EnviroServe’s standalone $27 million EBITDA figure.
The company said the acquisition should close in the second half of 2026. It plans to fund the purchase with available cash and additional debt financing.
EnviroServe’s business is heavily recurring: 85% of revenue comes from recurring sources, and the average tenure of its top 10 customers is more than 16 years. Clean Harbors also highlighted EnviroServe’s emergency response assets, five railcar cleaning sites and more than 1,400 roll-off containers, vacuum boxes and frac tanks as additions that will expand its existing environmental services network.
Clean Harbors said the deal will strengthen its technical services and field services operations and create cross-selling opportunities across its Clean Harbors and Safety-Kleen brands. Following these announcements, the company's shares moved 1.74%, and are now trading at a price of $316.96. For more information, read the company's full 8-K submission here.
