Clean Harbors Inc. announced Monday it has entered into a definitive agreement to acquire EnviroServe for 470 million dollars in cash from an affiliate of private equity firm One Rock Capital Partners LLC. The deal marks a strategic expansion for Clean Harbors as it strengthens its national footprint in environmental services.

The acquisition is expected to close in the second half of 2026, subject to regulatory approval and other customary closing conditions.

Strategic Fit and Financial Details

"EnviroServe is an ideal acquisition for us given its national footprint, permitted locations and recurring revenue," said Eric Gerstenberg, co-CEO of Clean Harbors, in a statement. "We are excited to welcome EnviroServe's strategic footprint, talented team and loyal customers to Clean Harbors."

EnviroServe, based in Sandy, Utah, operates permitted facilities across the United States for hazardous waste treatment, storage, and disposal. The company is backed by One Rock, which acquired EnviroServe via a carveout from Savage Companies in 2023.

Clean Harbors expects to fund the acquisition through available cash and the issuance of additional debt financing. The company projects 25 million dollars in cost synergies over the first two years following the deal's closure.

Valuation and Returns

The deal values EnviroServe at approximately 17.4 times its standalone adjusted EBITDA of 27 million dollars. However, Clean Harbors said the expected synergies would bring the effective multiple down to about 9 times EBITDA on a post-synergy basis—a significant improvement in the deal's financial attractiveness.

"The addition of EnviroServe aligns with our capital allocation philosophy of prioritizing profitable growth and margin improvement to drive long-term shareholder value," said Mike Battles, co-CEO of Clean Harbors.

Combining Strengths in Technical and Field Services

The acquisition will integrate EnviroServe into Clean Harbors' Technical Services and Field Services businesses, creating new opportunities for cross-selling and operational efficiencies. EnviroServe's permitted locations will enhance Clean Harbors' ability to serve customers nationwide, particularly in regions where the company previously had limited infrastructure.

Gerstenberg emphasized the cultural alignment between the two companies, noting that the combination will result in new opportunities for EnviroServe's team members as they join a larger organization with more resources and career pathways.

Industry Consolidation Continues

The deal is the latest example of consolidation in the environmental services sector, where companies are seeking scale advantages, broader geographic reach, and the ability to offer comprehensive service packages to industrial and commercial customers.

Clean Harbors, one of North America's leading providers of environmental and industrial services, has been actively pursuing acquisitions to expand its capabilities and market presence. The company provides services including hazardous waste disposal, emergency spill response, industrial cleaning, and recycling.

For One Rock Capital Partners, the sale of EnviroServe represents a successful exit after roughly three years of ownership. Private equity firms typically aim to improve operational performance and grow portfolio companies before selling them to strategic buyers or taking them public.

Clean Harbors' stock rose modestly following the announcement, as investors appeared to view the deal as accretive to earnings and strategically sound given the projected synergies and expansion of the company's service network.