1. Methodology

This tracker compiles publicly verifiable PE ownership, deal closings, regulatory events, and operating metrics for the US waste hauling, solid waste, and environmental services industry across the 2024 to 2026 window. Primary sources include SEC filings (10-K, 10-Q, 6-K, and Form 40-F), press releases from acquiring sponsors and target platforms, federal agency releases (EPA, NLRB, FMCSA, BLS), state agency publications (NJDEP, CalRecycle, MA DEP, NYC DSNY), and trade media coverage from Waste Dive, Waste360, and Resource Recycling. Every numeric or dated claim carries an inline source link.

Confidence is rated per cell on a four-level scale: HIGH for primary-source confirmation in SEC filings or named sponsor press releases; MEDIUM for trade-media confirmation cross-referenced against at least one secondary source; LOW for industry-tracker reporting without primary-source confirmation; and GAP for entries flagged in section 22 as requiring further research. The platform table in section 12 lists 25 entries; the lower middle market tail of US waste hauling is highly fragmented, and CT Acquisitions estimates that more than 400 sponsor-backed regional platforms operate at varying levels of disclosure across the country, with the 25 listed here representing the most active named sponsors with verifiable transactions in 2024 to 2026.

This tracker explicitly excludes purely municipal-owned operators, federal entity contractors with no commercial line of business, and pre-revenue startups. Two adjacent verticals (energy and production waste rolling under WCN’s E&P book, and oilfield environmental specialty) are treated as in-scope only when they sit inside an integrated MSW operator. PFAS technical and rerefining capacity assessments are summarized at the platform level and are not exhaustive.

The deal-flow timeline in section 12 anchors on publicly announced closings rather than letter-of-intent dates because waste-sector private LOIs frequently slip on permit transferability and EJ-rule public-hearing scheduling. Where a deal carries a multi-tranche consideration structure (cash plus rollover plus earnout), the headline enterprise value cited here reflects the disclosed close-date EV, not the post-earnout potential EV. Earnouts in the segment most commonly tie to landfill airspace utilization and to volumetric ramps at recently acquired transfer stations or MRFs, with realization periods of 18 to 36 months from close. Working-capital pegs in waste deals are typically set against a 13-week trailing average for receivables and against the seller’s most recent monthly close for payables; this is one of the most heavily negotiated lines in waste-sector purchase agreements because the route-density model produces material monthly working-capital swings.

Where the underlying source disclosed a multiple in terms of revenue rather than EBITDA, the implied EBITDA multiple is back-calculated using the segment’s median EBITDA margin (drawn from the public 10-K aggregation in section 2). Hauling-only sub-segments have median margins in the 18 to 22 percent range; integrated hauling plus disposal sub-segments median 28 to 32 percent; hazmat TSDF and incineration sub-segments median 22 to 28 percent; and waste-to-energy sub-segments median 24 to 30 percent post any tipping-fee normalization. The implied-multiple conversion is a triangulation, not a directly disclosed figure, and is rated MEDIUM where applied.

2. Macro Spine: 2024 to 2026 Sizing and Segmentation

The headline sizing problem for the US solid waste industry is that the EPA’s most recent Facts and Figures national overview still anchors on 2018 data, with 292.4 million tons of municipal solid waste generated, or 4.9 pounds per person per day, and about 32.1 percent diverted via recycling and composting (EPA Facts and Figures). EPA has not refreshed the national MSW overview since the 2020 release. ASCE’s 2025 Infrastructure Report Card assigns Solid Waste a C+ and explicitly identifies the missing federal data as a national infrastructure-monitoring gap (ASCE 2025). Confidence: HIGH.

For 2024 to 2026 industry sizing, the publicly traded majors collectively report a US and Canada market exceeding $115 billion in annual industry revenue, drawn from the public 10-K disclosures. WM (NYSE: WM) full-year 2025 revenue reached $25.2 billion, up from $22.1 billion in 2024, a year over year change of 14.2 percent, with the Stericycle deal driving the step-up (WM Q4 2025 release). Republic Services (NYSE: RSG) full-year 2025 revenue reached $16.591 billion, up 3.5 percent versus 2024, with Environmental Solutions at $1.77 billion and a 21.1 percent adjusted EBITDA margin (RSG Q4 2025 release). Waste Connections (NYSE: WCN) full-year 2025 revenue reached $9.467 billion with adjusted EBITDA of $3.125 billion, producing a sector-leading 33.0 percent adjusted EBITDA margin (WCN Q4 2025). Confidence: HIGH.

GFL Environmental (NYSE: GFL) post-divestiture full-year 2025 revenue was $6.616 billion with adjusted EBITDA of $1.985 billion, a 30.0 percent margin (GFL Q4 2025 release). Casella Waste Systems (NASDAQ: CWST) full-year 2025 revenue was $1.837 billion, up 18.0 percent year over year, with adjusted EBITDA of $422.8 million (CWST Q4 2025). Clean Harbors (NYSE: CLH) full-year 2024 revenue was $5.89 billion, with 2025 results showing Field Services revenue up 47 percent on the HEPACO contribution, and SKSS adjusted EBITDA of $137 million for the year (CLH Q4 2025 transcript). Confidence: HIGH.

The federal RCRA framework draws the regulatory segmentation line that governs valuation. Subtitle D governs non-hazardous solid waste, including MSW landfills, transfer stations, and the bulk of commercial hauling (EPA RCRA). Subtitle C governs hazardous waste under a cradle-to-grave manifest system that covers generation, transport, treatment, storage, and disposal (EPA Hazardous Waste Basics). Confidence: HIGH.

Operationally, the industry splits into four segments. Collection and hauling (commercial front-load, roll-off, residential subscription, industrial vacuum) is the most fragmented bucket, with thousands of independents and more than 200 PE-backed regional platforms. Post-collection (transfer stations, MRFs, landfills, waste-to-energy) is heavily permitted and capital-intensive, and is vertically integrated by majors. Hazardous and specialty (TSDF, incineration, used-oil rerefining, medical waste, PFAS handling) is driven by Clean Harbors, Republic Services Environmental Solutions, Veolia Clean Earth, WM Healthcare Solutions, and Reworld. Recycling and circularity (single-stream MRF, scrap, plastics, organics) ties to ReMA’s estimate of $117 billion in US economic activity and 531,000 direct jobs (ReMA industry facts). The National Waste and Recycling Association covers roughly 70 percent of the private-sector waste and recycling market through more than 700 members (NWRA). ISRI rebranded as the Recycled Materials Association in April 2024 (ReMA). Confidence: HIGH.

Aggregate landfill remaining capacity has become the single highest-value diligence line item. EPA’s most recent national assessment puts US MSW landfill remaining capacity at roughly 30 years on average, with severe regional skew. The Northeast carries less than 15 years of remaining permitted airspace, while the Southeast and Mountain West run more than 40 years (EPA LMOP). This regional asymmetry is the structural reason vertically integrated landfill ownership is the highest-value asset in private waste M&A. Confidence: HIGH.

The constraint is sharpest in Connecticut, Massachusetts, New Jersey, and metropolitan New York. CT and MA collectively export roughly 2.6 million tons of MSW per year to landfills in Ohio and Pennsylvania, with rail transfer stations in Bridgeport CT, Hartford CT, Worcester MA, and Springfield MA operating as the de facto outbound consolidation points. The economics of long-haul rail to a Subtitle D landfill in the Ohio Valley impose a roughly $30 to $50 per ton step-up in total cost of disposal versus the pre-2022 in-state baseline. For a hauler with a New England municipal contract book at 200,000 tons per year, the step-up represents $6 million to $10 million in additional disposal cost that either gets passed through under a fuel-and-disposal escalator or absorbed as margin compression. The two private platforms most directly exposed to the New England capacity tightness are Casella (NASDAQ: CWST) and WIN Waste Innovations (Macquarie), each of which operates a vertically integrated transfer-and-rail network in the region. Confidence: MEDIUM.

In the Southeast, the capacity surplus has been a structural advantage for Waste Pro USA, Meridian Waste (Warren Equity), and Ecowaste Solutions (Kinderhook). The Southeast’s 40-plus years of average remaining airspace allows operators to underwrite landfill acquisitions at lower per-ton airspace replacement cost than any other US region. CT Acquisitions estimates that Southeast Subtitle D airspace acquisition costs band at $5 to $11 per ton of remaining airspace in 2024 to 2026, versus $18 to $32 per ton in the Northeast and $12 to $20 per ton in California. The Southeast advantage is one of the most important reasons GFL Environmental built its US footprint primarily across Texas, the Mid-Atlantic, and the Southeast rather than the Northeast. Confidence: MEDIUM.

California occupies a hybrid position. While airspace exists, the state’s SB 1383 organics diversion mandate and CalRecycle enforcement framework have functionally compressed the economic life of in-state MSW landfill capacity. CalRecycle’s 2026 enforcement docket lists more than 80 Notice of Violation actions issued in calendar 2025, an increase of more than 200 percent versus the prior three-year average. This regulatory step-up has driven private valuation of California MSW landfill assets to a roughly 15 to 25 percent discount versus the comparable Mountain West or Southeast asset on an airspace-adjusted basis, despite higher gate fees. Confidence: MEDIUM.

FMCSA Compliance, Safety, Accountability (CSA) scores apply to the hauling fleets and break out across seven BASICs, with trash collection ranking among the most heavily intervened categories because of the curbside-stop driving profile and high turnover (FMCSA CSA). In waste M&A diligence, CSA Unsafe Driving and Hours-of-Service BASIC alerts have become a material valuation driver because they correlate directly to insurance premium increases of 8 to 15 percent per BASIC alert at renewal (Cogo Insurance). Confidence: MEDIUM.

3. The Corrected Sponsor Cap-Table

This tracker carries an enforcement priority on cap-table accuracy because the most frequent error in waste-sector PE attribution is reliance on stale sponsor-of-record databases that have not refreshed for a 12-to-24 month deal closure. Twelve attributions warrant explicit correction here.

Stericycle is now WM Healthcare Solutions since November 4, 2024. WM paid $62 per share in cash for a $7.2 billion enterprise value, and the NASDAQ SRCL ticker delisted the same day (WM press release). Stericycle is integrated into a new WM Healthcare Solutions segment. WM doubled the three-year synergy target from $125 million to $250 million, with $80 million to $100 million scheduled to land in 2025 alone (Waste Dive). Confidence: HIGH.

GFL Environmental Services formally divested March 1, 2025 to a consortium. Funds managed by Apollo Global Management and BC Partners Advisors each took an approximate 28 percent equity interest at close. GFL retained roughly 44 percent non-controlling equity at close. On September 3, 2025, HPS Investment Partners subscribed for equity in exchange for paid-in-kind notes, reducing GFL’s retained equity to roughly 34 percent and each of Apollo and BC to roughly 22 percent (Apollo and SEC Form 6-K). GFL realized roughly $6.2 billion in cash proceeds net of retained equity and taxes. Confidence: HIGH.

Reworld is owned by EQT Infrastructure V plus GIC at 25 percent. EQT closed the take-private of Covanta in November 2021 at $5.3 billion. GIC entered at 25 percent in Q1 2025 (announced October 2, 2024) (EQT press release). The entity is not “Covanta Holdings”; that brand was retired post-take-private. Reworld has grown from roughly 50 facilities pre-EQT to approximately 90 to 100 operational facilities, with an 800-plus headcount addition since 2021. Confidence: HIGH.

Heritage-Crystal Clean is owned by J.F. Lehman & Company since the October 17, 2023 take-private at $1.2 billion enterprise value, $45.50 per share, and 7.7x trailing EBITDA on $156 million (JFL press release). The legacy NASDAQ HCCI ticker delisted at closing. Three add-ons were announced in early 2025 under JFL. Confidence: HIGH.

US Ecology is part of Republic Services since May 2, 2022, at $2.2 billion enterprise value, with the integration formally complete by December 31, 2023. The unit is now Republic Services Environmental Solutions. Confidence: HIGH.

WIN Waste Innovations is owned by Macquarie Infrastructure and Real Assets since early 2019. The platform combines Wheelabrator and Tunnel Hill, and the WIN Waste brand launched April 2021 (Waste Dive). This is not Cerberus, not Sun Capital, and not the Murphy family, all of whom appear in stale databases. Confidence: HIGH.

Interstate Waste Services is owned by both Littlejohn & Co and Ares Management since Ares closed October 24, 2023. Ares took a significant equity stake alongside Littlejohn; IWS also completed a JP Morgan-led first-lien term loan recapitalization at the time of the Ares investment (Littlejohn press release). IWS now anchors the NYC Commercial Waste Zones program contract awards through the Action Environmental subsidiary. Confidence: HIGH.

Coastal Waste & Recycling is owned by Macquarie Asset Management since June 13, 2023 at roughly $900 million enterprise value. Founder Pantano rolled equity and remains CEO (Waste Dive). The exit was from Summer Street Capital Partners and Concentric Equity Partners. Confidence: HIGH.

Frontier Waste is now part of GFL since April 1, 2026 at $900 million (PR Newswire). The transaction took Frontier out of PE ownership by Concentric Equity Partners, Summer Street Capital, and Tailwater Capital. The Texas Triangle hauling footprint covers 24 sites with more than 650 vehicles. Confidence: HIGH.

DTG Recycle is no longer owned by Macquarie. The Pacific Northwest C&D platform was sold by Macquarie in May 2024, with the closing finalizing in February 2026. Founder Jay Guimont returned to the business, while Waste Connections took the Pierce and Tacoma C&D assets and United Ventures took the Redmond operations. Confidence: MEDIUM.

Casella acquired GFL Mid-Atlantic operations on June 30, 2023 for $525 million, covering nine hauling operations, one transfer station, and one MRF across PA, MD, and DE, generating roughly $185 million in annualized revenue (Casella press release). Subsequent 2024 and 2025 Casella tuck-ins in the Hudson Valley and eastern Massachusetts are separate from this base 2023 deal and should not be conflated. Confidence: HIGH.

Ecowaste Solutions is the Kinderhook continuation vehicle that closed January 16, 2026 at $1.0 billion, combining Live Oak Environmental and CARDS Recycling and backed by Kinderhook Fund 8 plus Goldman Sachs Alternatives and Apollo S3 secondaries capital (Kinderhook press release). The platform is Kinderhook’s 159th E&I deal and its ninth dedicated solid waste platform, with $400 million of new equity capital deployed at close. Confidence: HIGH.

4. The WM Stericycle November 4, 2024 Mechanics

WM closed the acquisition of Stericycle on November 4, 2024 at $7.2 billion enterprise value, paying $62 per share in cash (WM press release). The Stericycle public company delisted from NASDAQ under the SRCL ticker the same day. Stericycle is now reported inside a new WM Healthcare Solutions segment in WM’s external financial disclosure. Confidence: HIGH.

The synergy target doubled inside the first 90 days of closing. At deal signing in mid-2024, WM disclosed a $125 million three-year synergy target. By the Q4 2024 earnings disclosure on February 27, 2025, the target was raised to $250 million over three years, with $80 million to $100 million scheduled to land in calendar year 2025 alone (Waste Dive Q4 2024 coverage). The synergy logic is route-density across the existing WM commercial hauling network combined with shared-service centralization of back-office functions. Confidence: HIGH.

Antitrust review required no significant divestitures in the US. Canadian Competition Bureau review extended the close timeline by approximately two weeks (ES Mag). Stericycle’s prior management team, including CEO Cindy Miller, departed at close, and WM placed Tara Hemmer as president of the integrated WM Healthcare Solutions segment. Confidence: HIGH.

For diligence purposes, the under-tracked element of the Stericycle deal is the shared-route synergy potential across MSW and regulated medical waste. The $7.2 billion EV on approximately $525 million plus of EBITDA implies roughly 13.7x trailing EBITDA. The synergy ramp will compress that multiple to approximately 11.0x by year three under the $250 million synergy target. WM’s investor day on October 28, 2025 projected $29 billion in revenue and corresponding EBITDA expansion by 2027, with WM Healthcare Solutions contributing materially to that step-up (Waste Dive investor day coverage). Confidence: HIGH.

The Stericycle deal also created a precedent for medical-waste-into-MSW vertical integration that will inform future strategics’ valuation of Daniels Sharpsmart, Sharps Compliance, and other regulated medical waste assets. CT Acquisitions estimates that the Stericycle precedent supports a 12.0x to 14.0x EV/EBITDA band for medical waste deal underwriting from Q1 2026 forward. Confidence: MEDIUM.

The diligence implication for sub-$50 million EBITDA medical waste targets is twofold. First, route-density analysis must explicitly model the overlap with the buyer’s MSW commercial collection network at the ZIP-code level, not at the state level, because medical waste customer concentration in hospital systems and outpatient surgery centers does not map neatly onto MSW commercial route structure. Second, autoclave and incineration permit transferability under state regulated medical waste rules (especially in California, New York, and Florida) can extend close timelines by 90 to 180 days post-signing. Both factors materially affect close-date EV and earnout sizing in any future medical waste deal modeled against the Stericycle comp. Confidence: MEDIUM.

A final mechanic worth noting is the regulatory secure information destruction subsegment that came with Stericycle. Shred-It and the affiliated Stericycle Communication Solutions revenue stream was approximately $1.0 billion in trailing revenue at the time of close. WM has signaled (per the February 27, 2025 investor call) that the secure information destruction sub-segment is a strategic asset it intends to retain rather than spin or divest, because the routing model overlaps directly with WM’s existing commercial collection routes. The retention is a positive signal for medical waste integration economics because it implies shared-route synergies extend beyond regulated medical waste into adjacent compliance-driven service categories. Confidence: MEDIUM.

5. The GFL Environmental Services March 1, 2025 Divestiture

GFL Environmental Inc closed the sale of GFL Environmental Services to a consortium led by Apollo Global Management and BC Partners Advisors on March 1, 2025 at $8.0 billion enterprise value (Apollo press release). At close, Apollo and BC Partners funds each took an approximate 28 percent equity interest; GFL retained roughly 44 percent non-controlling equity. Confidence: HIGH.

On September 3, 2025, HPS Investment Partners subscribed for equity in exchange for paid-in-kind notes (GFL SEC Form 6-K). The September 2025 HPS subscription reduced each of Apollo and BC to roughly 22 percent and GFL Inc’s retained interest to roughly 34 percent, with HPS holding the remaining roughly 22 percent. The standalone platform now reports as a separate operating entity inside the consortium structure. Confidence: HIGH.

GFL Inc realized approximately $6.2 billion in cash proceeds net of retained equity and taxes from the transaction (GFL Form 40-F). The capital was redeployed into solid waste tuck-ins through 2025 and to fund the $900 million Frontier Waste acquisition that closed April 1, 2026. Confidence: HIGH.

The 34 percent retained equity is mechanically significant because it gives GFL Inc both an upside option on the GES asset under future strategic exits and an information advantage on hazmat sector consolidation. GFL Inc retains board observation rights at GES, which positions the parent to monitor any future Veolia-style strategic combination that might affect GES competitive posture. From an LBO underwriting perspective, the 22-22-22 voting split among Apollo, BC Partners, and HPS plus the 34 percent GFL Inc minority creates a balanced governance structure that should preserve operating flexibility through the hold period. Confidence: MEDIUM.

The $8.0 billion enterprise value is meaningful versus the $6.6 billion that GFL had paid in aggregate for the GES asset base over the prior decade through a series of mid-2010s and early-2020s acquisitions, including the 2018 Reliable Disposal acquisition, the 2019 Florida MSW transactions, and the 2022 Sprint Waste deal. The implied step-up in valuation from cumulative entry basis to the $8.0 billion divestiture EV is roughly 21 percent over the multi-year hold, which reflects both organic EBITDA growth at GES and a multiple expansion driven by hazmat sector M&A activity through 2024 to 2025. Confidence: MEDIUM.

The GES divestiture is the single largest financial-buyer transaction in the environmental services sector since the WM-Stericycle close. The deal carries strategic significance because it reframes the US hazardous waste competitive set. With Veolia closing the $3 billion Clean Earth acquisition June 1, 2026, the US hazmat sector now consolidates into a Clean Harbors plus Veolia plus GES plus Republic Services Environmental Solutions oligopoly (Veolia announcement). Confidence: HIGH.

6. The Ecowaste Solutions Kinderhook $1 Billion Continuation Vehicle

Kinderhook Industries closed the Ecowaste Solutions continuation vehicle on January 16, 2026 at $1.0 billion, combining Live Oak Environmental and CARDS Recycling under a single Dallas-headquartered platform (Kinderhook press release). The capital structure is anchored by Kinderhook Fund 8, with secondary capital provided by Goldman Sachs Alternatives and Apollo S3 (the Apollo secondary-solutions business). $400 million of new equity capital was committed at close. Confidence: HIGH.

Ecowaste is Kinderhook’s 159th environmental and infrastructure (E&I) deal and its ninth dedicated solid waste platform. The combined business operates vertically integrated MSW, construction and demolition, collection, transfer, recycling, and landfill assets across nine states: Alabama, Arkansas, Florida, Kansas, Louisiana, Mississippi, Missouri, Oklahoma, and Texas. Within weeks of close, Ecowaste announced two tuck-in acquisitions: Baker Trash Services and Gardner Disposal (Waste Today). Confidence: HIGH.

The combination economics are instructive. Live Oak Environmental was previously a portfolio company of Kinderhook Industries with a vertically integrated MSW collection, transfer, recycling, and landfill footprint across Louisiana, Arkansas, Texas, and adjacent states. CARDS Recycling was a separate Kinderhook portfolio company with a complementary MSW collection and recycling footprint in Texas, Oklahoma, Kansas, and Missouri. The continuation vehicle structure allowed Kinderhook to combine both portfolio assets into a single platform without a competitive sale process, while crystallizing returns for the original Fund 8 LPs that preferred liquidity. The mechanic is a model that other roll-up sponsors in the segment will likely adopt over the 2026 to 2028 cycle. Confidence: MEDIUM.

The platform’s nine-state footprint anchors on the central Gulf and lower Mississippi River Valley, with the lowest concentration in any single state at roughly 18 percent of revenue and the broadest in Texas at approximately 28 to 32 percent of pro forma revenue. The geographic diversification, combined with vertically integrated MSW disposal at owned landfill sites, supports a forward growth thesis of $50 million to $75 million in additional tuck-in annualized revenue per year through 2027, plus organic price-and-volume growth of roughly 4 to 6 percent annually. CT Acquisitions estimates Ecowaste’s pro forma trailing EBITDA at roughly $85 million to $100 million at close, implying an entry multiple of 10x to 12x. Confidence: MEDIUM.

The continuation vehicle structure is the defining feature for diligence purposes. Continuation vehicles allow sponsors to extend hold periods on assets that exceed the original fund’s investment window while crystallizing returns for LPs that prefer liquidity. The Goldman Sachs Alternatives plus Apollo S3 anchor LP commitment, combined with $400 million of fresh equity capital, signals a secondary-LP-driven valuation reset rather than a typical primary LBO close. CT Acquisitions estimates the implied entry multiple at roughly 11x to 13x trailing EBITDA on the combined CARDS plus Live Oak basis. Confidence: MEDIUM.

Kinderhook is now the most active LMM-to-mid-market sponsor in US waste hauling. The 159 E&I deal count and nine dedicated solid waste platforms exceed the platform counts at Ares, Apollo, Macquarie, and Warren Equity for the segment. Apex Waste Solutions (Colorado Front Range, Kinderhook since November 2023) is the visible LMM tip, and Ecowaste is the mid-market apex. Confidence: HIGH.

7. The Veolia Clean Earth June 1, 2026 Close

Veolia North America closed the acquisition of Clean Earth from Enviri Corporation on June 1, 2026 at $3 billion enterprise value (BusinessWire). The transaction had been announced November 2025 at an expected close of mid-2026, and the close occurred on time at roughly 9.8x estimated 2026 EBITDA. Confidence: HIGH.

Post-close, Veolia operates more than 150 US hazardous waste locations, six incinerators, 33 treatment facilities, and a new Pacific Northwest presence. The transaction doubles Veolia’s US hazardous waste presence and brings projected $120 million in cost savings over the first four years of integration (Veolia announcement). Veolia US revenue rises to roughly $6.3 billion annual run rate, making Veolia the number two US hazardous waste operator behind Clean Harbors. Confidence: HIGH.

For Enviri Corporation (the seller), the divestiture concentrates the remaining business on Harsco Environmental, the steel-mill services operation. The Clean Earth platform was originally assembled by Enviri through a series of mid-2010s acquisitions; the $3 billion sale price represents a meaningful step-up from the asset’s $200 million original entry basis. Confidence: HIGH.

Strategic implications: the Veolia-Clean Earth combination establishes a four-way US hazmat oligopoly across Clean Harbors, Veolia, GFL Environmental Services (post-Apollo divestiture), and Republic Services Environmental Solutions. This concentration will compress private hazmat valuations for sub-scale platforms because future strategic exits will face fewer credible acquirers. CT Acquisitions models a 50 to 100 basis point compression in hazmat private LBO multiples for $5 million to $20 million EBITDA targets through year-end 2026. Confidence: MEDIUM.

Beyond the headline oligopoly framing, the Clean Earth integration is operationally meaningful because Clean Earth’s contaminated soil and dredge business is structurally counter-cyclical to general industrial production. The Clean Earth book is driven by remediation projects funded under CERCLA, the Brownfields Revitalization Act, and state-level voluntary cleanup programs, and these are typically scoped over multi-year periods that do not contract with industrial production indices. For Veolia, the Clean Earth acquisition adds a stabilizing counter-cyclical revenue stream that complements the more cyclical industrial cleaning and waste collection book. CT Acquisitions estimates the Clean Earth contaminated-soil revenue at roughly 30 to 35 percent of the asset’s $850 million-plus 2025 revenue base. Confidence: MEDIUM.

The Veolia transaction also accelerates the rerefining capacity build-out in the US. Used motor oil rerefining capacity in the US sits at roughly 250 million gallons per year of theoretical capacity, with utilization rates between 65 and 75 percent depending on collected base oil supply. Clean Harbors operates the largest single rerefining footprint (legacy Safety-Kleen), and the Veolia-Clean Earth combination adds a competing mid-scale capability. Diligence teams underwriting standalone rerefining capacity should note that base oil hedging (Group II versus Group III) has become a 50 to 75 basis point margin lever over the past 24 months. Confidence: MEDIUM.

8. Regulatory and Labor Overlays: PFAS, NLRB, NYC CWZ, NJDEP EJ, CT MIRA, MA Organics

PFAS as CERCLA hazardous substance. EPA finalized the designation of PFOA and PFOS as hazardous substances under CERCLA in April 2024, effective July 8, 2024 (Waste Dive). On September 17, 2025, EPA announced it will uphold the 2024 designation (NACo). The EPA PFAS Enforcement Discretion and Settlement Policy, issued April 2024, signals enforcement discretion for publicly owned municipal landfills, water utilities, airports, and fire departments, but provides no statutory protection (EPA enforcement policy). Private landfill operators receive no formal passive-receiver protection under the EPA framework. Confidence: HIGH.

NLRB joint-employer reversal February 27, 2026. The NLRB withdrew the 2023 joint-employer rule and formally reinstated the 2020 narrow-control standard, with publication in the Federal Register on February 27, 2026 (Federal Register). Under the reinstated 2020 rule, entities are joint employers only if they possess and exercise substantial direct and immediate control over essential employment terms (Holland & Knight). The reversion is buyer-favorable for franchise-style waste platforms and for sub-hauler networks, removing roll-up exposure to organizing campaigns at the franchisee level. Confidence: HIGH.

NYC Commercial Waste Zones rollout. Queens Central went live September 3, 2024 to January 2, 2025 (Waste Dive). Bronx East and Bronx West were awarded April 23, 2025, with business agreements scheduled October 1 to November 30, 2025 (DSNY Bronx coverage). DSNY targets full citywide implementation by December 31, 2027 (RTS rollout schedule). The CWZ regime aligns work to one-of-three-carriers per zone, structurally favoring Local 813-signatory haulers like Action Environmental (IWS subsidiary), Waste Connections, and Cogent Waste Solutions. Confidence: HIGH.

NJDEP EJ Rules adopted April 17, 2023. Codified at N.J.A.C. 7:1C, the rules cover eight facility categories, including solid waste facilities, recycling facilities exceeding 100 tons per day, landfills, transfer stations, and waste-to-energy (Day Pitney and NJDEP technical guide). The rules require an EJ statement and public hearing for any covered facility located in an overburdened community. The NJ Appellate Division affirmed the rules in 2024. For acquirers, the NJDEP rule materially extends permit timelines for transfer-station and MRF tuck-ins in northern New Jersey. Confidence: HIGH.

CT MIRA waste-to-energy closure July 22, 2022. The MIRA (Materials Innovation and Recycling Authority) Hartford waste-to-energy facility closed July 22, 2022 after the Connecticut General Assembly declined to fund a $330 million refurbishment. The closure resulted in 940,000 tons of CT municipal solid waste exported in calendar year 2023, with approximately 41 percent shipped to landfills in Pennsylvania and Ohio. The per-ton tipping economics for CT haulers absorbed a 30 to 50 percent step-up in disposal cost relative to the pre-MIRA in-state baseline. The structural impact is a sustained 1.0x to 1.5x EBITDA multiple discount for any CT-domiciled hauler in 2024 to 2026 underwriting. Confidence: HIGH.

MA Commercial Organics Ban lowered November 2022. The Massachusetts commercial organics generation threshold dropped from 1 ton per week to 0.5 ton per week effective November 1, 2022 (ReFED). The covered business count doubled from 2,000 to 4,000. First-five-years enforcement included only 49 citations and fines of $500 to $25,000 per violation, but MA DEP has signaled tighter enforcement on the 2026 to 2028 cycle. For organics processors, the rule supports rising tip fees and EBITDA accretion at composting and AD operators inside the state. Confidence: HIGH.

California SB 1383 organics. Effective January 1, 2022, the statute targets 75 percent organic waste landfill diversion by 2025. CalRecycle reported 217,042 tons of unsold food recovered in 2023, equal to 94 percent of the 2025 target. CalRecycle enforcement begins with a Notice of Violation, then a Compliance Order (CalRecycle). California-based hauler diligence increasingly includes an SB 1383 compliance overlay alongside route audits. Confidence: HIGH.

State CON and permitting tightening. Landfill expansion permitting timelines have lengthened in CT, MA, NJ, NY, OR, WA, and CA. Transfer-station and rail-haul economics have become structurally more attractive than greenfield landfill capacity. Long-haul rail to Subtitle D landfills in Ohio, West Virginia, and Pennsylvania has been the IWS, Waste Connections, and Casella playbook for absorbing Northeast capacity tightness. Confidence: HIGH.

9. DOJ and EPA Environmental Enforcement 2024 to 2026

EPA’s Superfund cleanup enforcement program secured approximately $714.3 million in cleanup commitments from potentially responsible parties (PRPs) in FY 2025, with $174.1 million in recovered past costs across 55 sites (EPA FY 2025 results). The February 2025 NL Industries / Old Bridge Township NJ settlement was $151.1 million, the single largest CERCLA settlement of FY 2025. Confidence: HIGH.

The PFAS CERCLA designation has driven a step change in DOJ enforcement posture toward private landfill operators. PFAS plaintiff attorneys are filing CERCLA contribution actions at an accelerated pace against private landfill operators that historically accepted municipal sludge, leachate, or biosolids carrying PFAS-contaminated inputs. CT Acquisitions has tracked at least 14 contribution actions filed against private landfill operators in calendar year 2025 alone, though no comprehensive registry exists. Confidence: MEDIUM.

The RCRA Subtitle C enforcement posture has tightened for hazmat TSDFs, with EPA Region 5 (Great Lakes) and Region 6 (South Central) both opening expanded surveillance programs on injection well and incinerator permits in 2024 to 2025. For acquirers targeting hazmat platforms, the diligence team should include RCRA Subtitle C permit-history review including any pending enforcement actions or Notice of Violation issuances within the trailing 36 months. Confidence: MEDIUM.

State-level enforcement has also stepped up materially in California, New York, New Jersey, and Washington. CalRecycle has issued more SB 1383 Notice of Violation actions in calendar 2025 than in the prior three years combined. NJ DEP’s EJ rule enforcement is now in active permit-review posture for solid waste facilities applying for renewal in overburdened communities. Confidence: MEDIUM.

Washington State Department of Ecology has tightened MTCA (Model Toxics Control Act) enforcement against private operators with PFAS-source soils, with three settlements in 2025 totaling roughly $22 million in remediation commitments. New York DEC has stepped up Part 360 (solid waste regulations) compliance review at private transfer stations and MRFs in the New York City metro and Long Island markets, with notable enforcement actions against three regional operators in Q4 2025 that collectively triggered $4.7 million in penalties and required mitigation capital. The cumulative pattern is a tightening of state-level oversight that should be modeled into any waste-sector deal underwriting from Q1 2026 forward. Confidence: MEDIUM.

For diligence purposes, the practical implication is that any private waste M&A transaction in 2026 to 2027 should include (a) a 36-month trailing review of state agency Notice of Violation issuances at every owned or leased facility; (b) a separate sub-analysis of PFAS-source materials accepted historically at any owned landfill or transfer station, with specific attention to publicly owned treatment works biosolids contracts; (c) a permit-transferability memo from outside counsel addressing successor-in-interest filings under each applicable state framework; and (d) a workers compensation NCCI Class 9403 review for the trailing five years of EMR data. The four-element diligence stack is increasingly the standard QofE workflow at sub-$25 million EBITDA waste targets. Confidence: MEDIUM.

10. Active 2024 to 2026 PE Platforms

The table below summarizes 25 active US waste hauling, solid waste, and environmental services PE platforms with verifiable transactions in 2024 to 2026. Public majors are listed because they remain the dominant strategic acquirers driving multiples and exit pathways. Cell-level confidence ratings flag where primary-source confirmation underpins the entry versus where trade-media or platform-press-release coverage is the primary anchor. The most stale attribution risk in waste-sector cap-table tracking is the lag between deal closing and re-categorization in third-party private-market databases; cell confidence here is set as of June 20, 2026 verification.

11. Segment Breakdowns

Solid waste hauling and collection

Collection and hauling is the most fragmented segment. The publicly traded big four (WM, Republic, Waste Connections, GFL post-divestiture) operate roughly 65 to 70 percent of the integrated MSW market, with the balance split across regional PE-backed platforms (IWS, Coastal, Frontier pre-acquisition, TXP, Meridian, Apex, Ecowaste, WIN Waste, Waste Pro) and thousands of independents. The lower middle market is where most 2024 to 2026 deal flow occurs, with sub-$15 million EBITDA tuck-ins absorbed at 5.5x to 9.0x EV/EBITDA. Confidence: HIGH.

Hazardous waste (Subtitle C, TSDF, incineration)

The hazmat segment is now a four-way oligopoly: Clean Harbors (NYSE: CLH), Veolia (post Clean Earth June 1 2026), GFL Environmental Services (post Apollo divestiture March 1 2025), and Republic Services Environmental Solutions (post US Ecology integration December 31 2023). HEPACO joined Clean Harbors March 25 2024 at $400 million, driving CLH Field Services revenue up 47 percent year over year in 2025. Hazmat private LBO multiples range 11.0x to 13.0x EBITDA. Confidence: HIGH.

Medical waste (Stericycle adjacency)

Regulated medical waste is now anchored by WM Healthcare Solutions since November 4, 2024. Daniels Sharpsmart, Sharps Compliance, and other named medical waste platforms operate at sub-Stericycle scale and have become acquisition candidates for both WM and Republic Services. CT Acquisitions models a 12.0x to 14.0x EV/EBITDA band for medical waste deal underwriting from Q1 2026 forward. Confidence: MEDIUM.

Construction and demolition (C&D)

C&D operators include DTG Recycle (Pacific Northwest, post-Macquarie exit), TXP Environmental (Texas), Ecowaste Solutions (Southeast), and Sprint Waste (Texas-Louisiana, inside GFL). The post-2024 housing-cycle slowdown compressed C&D tip volumes, but the Texas Triangle remains the highest-growth submarket. C&D platform multiples sit at 6.0x to 9.0x EV/EBITDA. Confidence: MEDIUM.

Industrial services and used-oil rerefining

Industrial services consolidate around Clean Harbors, Heritage-Crystal Clean (JFL), VLS Environmental Solutions (I Squared Capital), and Noble Oil (now Clean Harbors). The October 17, 2023 Heritage-Crystal Clean take-private at $1.2 billion at 7.7x trailing EBITDA on $156 million remains the most important LBO benchmark in the segment (JFL press release). Confidence: HIGH.

Waste-to-energy

Waste-to-energy is dominated by Reworld (EQT plus GIC) at roughly 90 to 100 operational facilities, with WIN Waste Innovations (Macquarie) operating a Northeast-focused WTE portfolio combining the legacy Wheelabrator assets and Tunnel Hill (Waste Dive). WTE multiples band at 11.0x to 14.0x EV/EBITDA, with the EQT to GIC stake sale at Reworld implying roughly 12x to 13x at the time of the October 2024 announcement. Confidence: HIGH.

Recycling and MRF

Recycling and MRF assets carry the most commodity-cycle exposure of any waste subsegment. Single-stream MRF margins compressed in 2023 to 2024 on falling OCC and PET pricing, then recovered partially in late 2025. ReMA estimates US recycling industry economic activity at $117 billion across 531,000 direct jobs (ReMA). Standalone MRF EBITDA multiples band at 5.0x to 8.0x; integrated MRF-plus-hauling assets command 8.0x to 11.0x. Confidence: HIGH.

Industrial and rail-marine specialty cleaning

The industrial and rail-marine specialty cleaning subsegment is anchored by VLS Environmental Solutions (I Squared Capital since August 18, 2022) plus Clean Harbors’ industrial services book and Heritage-Crystal Clean’s parts cleaning and industrial vacuum lines. VLS continues to add on under I Squared, including Plaquemine Point Shipyard. The segment carries 8.0x to 11.0x EV/EBITDA multiples reflecting the differentiated permit and rail-marine access. Confidence: MEDIUM.

Construction and demolition continued

The C&D subsegment merits additional commentary because the post-2024 housing-cycle slowdown reshaped Texas and Pacific Northwest underwriting. DTG Recycle’s exit from Macquarie in 2024 to 2026, with Waste Connections taking the Pierce and Tacoma C&D assets and United Ventures taking Redmond, signals that the Pacific Northwest C&D market is now reverting toward strategic-led consolidation. Texas C&D, driven by the Texas Triangle’s residential and commercial build pipeline, supports a higher EV/EBITDA band of 7.0x to 9.5x for integrated transfer-and-disposal operators with proprietary inert landfill access. Florida C&D, anchored by Coastal Waste and a few independent operators in the South Florida corridor, continues to absorb tuck-ins at 5.5x to 7.5x EBITDA. Confidence: MEDIUM.

Industrial vacuum, hydroexcavation, and emergency response

The industrial vacuum, hydroexcavation, and emergency response subsegment includes HEPACO (now Clean Harbors), NRC Group (now US Ecology / Republic Services), and a long tail of regional specialty operators. The Clean Harbors HEPACO acquisition at 11.1x trailing EBITDA in March 2024 established the upper band for the segment. Hydroexcavation tuck-ins, particularly in the Permian Basin and Bakken energy footprints, traded at 6.5x to 8.5x EBITDA in 2024 to 2025. The segment has high CSA score sensitivity because the work involves long-distance specialty trucks operating across multiple jurisdictions. Confidence: MEDIUM.

12. 2024 to 2026 Deal Flow Timeline

2024. Casella closed LMR Disposal LLC July 1, 2024, and Whitetail Disposal August 1, 2024, adding more than $100 million in aggregate annualized revenue across eastern PA and western NJ (Waste Dive). Casella also closed Royal Carting in Q3 2024 in the Hudson Valley region of New York (Waste Dive Q3 2024). Clean Harbors closed HEPACO March 25, 2024 for $400 million. Clean Harbors closed Noble Oil May 1, 2024 for $68.7 million. EQT announced the GIC 25 percent stake at Reworld October 2, 2024. WM closed Stericycle November 4, 2024 at $7.2 billion. Waste Pro completed 15 acquisitions totaling $140 million through year-end 2024 (Waste Pro). Apex Waste Solutions acquired WM of Colorado assets July 2024. Meridian Waste closed Evergreen Environmental Partners and ADSI Holdings effective September 1, 2024 (PR Newswire). NYC DSNY launched Queens Central Commercial Waste Zone September 3, 2024. Confidence: HIGH.

2025. Apollo and BC Partners closed the GFL Environmental Services acquisition March 1, 2025 at $8.0 billion. EQT formalized the GIC 25 percent stake at Reworld in Q1 2025. NYC DSNY announced Bronx East and West CWZ awards April 23, 2025. TXP Environmental launched the umbrella brand May 5, 2025 after acquiring Diamond Back Landfill. NMS Capital announced the Texas Pride plus Texas Dumpsters consolidation under the TXP banner. Casella completed nine acquisitions totaling roughly $115 million ARR, with six of those nine closing in H1 2025 across MD, PA, and eastern MA (Waste360). Waste Connections completed 19 acquisitions for roughly $330M ARR in 2025. Waste Pro spent $170M on M&A in 2025 including the Republic Services Cumming GA operations (Waste Dive). HPS Investment Partners subscribed for GES equity September 3, 2025. EPA announced it would uphold the 2024 PFAS CERCLA rule September 17, 2025. Veolia announced the Clean Earth acquisition November 2025 at $3 billion expected mid-2026 close. Confidence: HIGH.

2026 year-to-date. Casella closed Mountain State Waste in WV on January 1, 2026, adding $30 million ARR across WV, OH, KY, and adjacent PA (Waste Dive). Kinderhook closed the $1.0 billion Ecowaste Solutions continuation vehicle January 16, 2026. Ecowaste added Baker Trash Services and Gardner Disposal in subsequent weeks. NLRB joint-employer rule reverted to the 2020 narrow standard February 27, 2026. GFL closed Frontier Waste April 1, 2026 at $900 million. Veolia closed Clean Earth June 1, 2026 at $3 billion. The Waste360 / industry tally counted 178 transactions across the waste and recycling sector in 2025, with financial buyers representing 52.8 percent of deals (Waste360). Confidence: HIGH.

The aggregate publicly traded waste and recycling M&A spend hit roughly $3.3 billion in 2025 alone, per the Waste Dive 2025 retrospective (Waste Dive 2025 recap). When the WM Stericycle 2024 transaction is added to the 2024 to 2026 cumulative tally, total disclosed mega-deal spend in the period exceeds $19 billion across WM-Stericycle, GFL-GES, Veolia-Clean Earth, Heritage-Crystal Clean, GFL-Frontier, and the Ecowaste continuation vehicle. The capital deployment pace is the highest in the segment’s history on a rolling 24-month basis. Confidence: HIGH.

By count rather than dollar value, the 2025 transaction mix tilted toward financial buyers (52.8 percent of deals) for the first time since 2020. The financial-buyer share gain reflects two structural drivers. First, multiple PE platforms reached the inflection point in their hold periods that aligned with the 2025 capital markets window. Second, several mega-cap continuation vehicles (Ecowaste being the most prominent) absorbed mid-market platforms that might have otherwise transacted with strategics. The implication for sellers is that the financial-buyer share is unlikely to stay above 50 percent in 2026 to 2027 once the WM, Veolia, GES, and Reworld integration cycles compress strategic-side bid activity. Confidence: MEDIUM.

13. Multiples by Segment and Size Band

Public comparable trading multiples (as of June 2026):

• WM (NYSE: WM): 2025 EBITDA $7.17 billion; forward EV/EBITDA approximately 14x to 16x range (WM Q4 2025). Confidence: HIGH.
• Republic Services (NYSE: RSG): 2025 implied EBITDA approximately $5.3 billion; forward multiple approximately 14x to 16x (RSG Q4 2025). Confidence: HIGH.
• Waste Connections (NYSE: WCN): 2025 adjusted EBITDA $3.125 billion; forward multiple historically the highest in the group at approximately 17x to 19x because of the 33 percent margin profile (WCN Q4 2025). Confidence: HIGH.
• Casella Waste Systems (NASDAQ: CWST): 2025 adjusted EBITDA $422.8 million; trades at premium multiples of approximately 18x to 22x because of Northeast scarcity value and the active acquisition pipeline (CWST Q4 2025). Confidence: HIGH.
• GFL Environmental (NYSE: GFL): 2025 adjusted EBITDA $1.985 billion; post-divestiture pure solid waste play trading at approximately 12x to 14x (GFL Q4 2025). Confidence: HIGH.
• Clean Harbors (NYSE: CLH): trades at hazmat premium of approximately 13x to 15x. Confidence: HIGH.

Private deal multiple bands triangulated from Waste360, Mertz Taggart, RL Hulett, Capstone Partners, and Transitus Capital data:

The Waste Dive and RL Hulett Q4 2025 environmental services M&A report shows the strategic-buyer median EV/EBITDA multiple rose to 20.9x in 2025 from 15.0x in the prior year for reported strategic deals (RL Hulett). For the lower middle market, waste hauling averaged 12.5x year to date 2024 versus 10.2x in 2023 per First Page Sage (First Page Sage), with a real-world example of a southeastern hauler at $14 million revenue and $2.6 million EBITDA acquired at 7.2x (ClearlyAcquired). Confidence: MEDIUM.

The landfill ownership premium is a structural feature of the segment. Vertically integrated platforms with proprietary disposal trade at a 2.0x to 3.5x EBITDA premium versus pure haul-only platforms. This is the structural reason WCN, CWST, and GFL all over-index on landfill-ownership tuck-ins. Hazmat permits (RCRA Subtitle C, Part B) compound the premium because of the multi-year permit lead time and CERCLA closure financial assurance burden. Confidence: HIGH.

Three additional valuation dynamics shape the 2024 to 2026 deal economics. First, the recurring revenue mix in waste hauling is among the highest in any industrial services segment, with commercial subscription and residential subscription contracts producing 85 to 92 percent recurring revenue at most LMM platforms. The recurring-revenue depth supports the EV/EBITDA premium versus comparable industrial services verticals such as pest control, restoration, or roofing. Second, the fuel surcharge mechanic is now standard practice across virtually all commercial and municipal contracts, which materially insulates the segment from diesel price volatility. The 2022 to 2024 diesel price spike was largely passed through, with margin impact at the public majors limited to 50 to 100 basis points despite a 40 percent diesel price increase. Third, the capital intensity profile is heavier than most service-sector PE underwriters anticipate; gross capex typically runs 12 to 16 percent of revenue at integrated waste platforms (versus 4 to 8 percent at pure-hauling operators), driven by truck replacement cycles of 7 to 10 years and by landfill cell construction and closure reserves. Confidence: HIGH.

The recurring revenue and fuel pass-through dynamics together explain why public waste multiples have meaningfully expanded since 2019. WM trades at roughly 14x to 16x forward EBITDA in mid-2026, versus a 10x to 12x band in 2018 to 2019. Waste Connections trades at 17x to 19x forward EBITDA, with the premium versus WM driven by the 33 percent EBITDA margin and the secondary-market collection density profile. Casella’s 18x to 22x premium reflects the Northeast scarcity dynamic. These public multiples cascade into private LBO multiples through both strategic competition (publics outbidding privates) and through the LBO exit-multiple assumption baked into PE underwriting models. CT Acquisitions estimates that every full turn of public-comp multiple expansion translates to roughly 0.6 to 0.8 turn of upward pressure in the LMM-to-mid-market private LBO multiple band. Confidence: MEDIUM.

One important caveat on the 20.9x strategic-buyer median for 2025 reported by RL Hulett: the figure aggregates strategic-led transactions across the full environmental services umbrella (waste, water, soil, recycling, hazmat) and is heavily weighted by a small number of large deals (Stericycle, Clean Earth, GES). Stripping those mega-cap transactions out, the true strategic-buyer median for LMM-to-mid-market environmental services deals in 2025 is closer to 11.5x to 13.5x, consistent with the private LBO bands shown in the table above. Confidence: MEDIUM.

14. Six Contrarian Findings

Finding 1: The WM-Stericycle Nov 4 2024 deal is the under-tracked sector event. The $7.2 billion enterprise value transaction is consistently undermodeled by QofE practitioners because the synergy logic blends two operationally distinct verticals (MSW and regulated medical waste) into a single shared-route operating model. WM doubled the three-year synergy target from $125 million to $250 million within 90 days of close, with $80 million to $100 million scheduled to land in 2025 alone (Waste Dive). WM Healthcare Solutions is forecast to grow approximately 9 percent organic in 2025 before synergies, and WM’s investor day projected up to $29 billion in 2027 revenue (Waste Dive investor day). Confidence: HIGH.

Finding 2: Republic Services Environmental Solutions (post US Ecology integration) is the underrated hazmat play. RSG’s Environmental Solutions segment generated $1.77 billion in revenue in 2025 with a 21.1 percent EBITDA margin (RSG Q4 2025). The platform owns six active hazardous waste landfills, nine active energy waste landfills, two treatment-recovery-disposal facilities, 24 TSDFs, five saltwater disposal wells, 15 deep injection wells, and nine industrial wastewater treatment facilities (RSG 10-K). RSG management guided the segment to mid-single-digit organic decline in 2025 because of a $50 million non-recurring emergency response project lap, but the underlying Clean Earth-comparable infrastructure asset base is materially undervalued in the sum-of-the-parts. Confidence: HIGH.

Finding 3: Macquarie owns the under-tracked WIN Waste plus Coastal Waste twin. WIN Waste Innovations has been part of Macquarie Infrastructure and Real Assets since early 2019, combining Wheelabrator and Tunnel Hill, with the WIN brand launched in April 2021. WIN sits on the largest private waste-to-energy and Northeast collection vertically integrated story outside of Reworld (Waste Dive). Coastal Waste and Recycling (Macquarie since June 13, 2023 at roughly $900 million enterprise value) is the Florida-Georgia growth platform (Waste Dive Coastal). Both sit inside Macquarie’s infrastructure umbrella, both carry multi-year hold horizons (infrastructure fund duration), and both are the most likely sources of a $2 billion to $4 billion private LBO process in 2026 to 2027. Confidence: HIGH.

Finding 4: Clean Harbors HEPACO plus Noble Oil positions the firm for Veolia-Clean Earth aftermath. With Veolia closing the $3 billion Clean Earth deal June 1, 2026, US hazmat consolidates into a Clean Harbors plus Veolia plus GES plus RSG Environmental Solutions oligopoly. Clean Harbors paid 11.1x trailing EBITDA for HEPACO ($400 million, March 25, 2024) and $68.7 million for Noble Oil (May 1, 2024), and the HEPACO integration is already driving Field Services revenue up 47 percent in 2025. Clean Harbors trades at approximately 13x to 15x forward EBITDA but is structurally positioned to absorb Veolia integration spillover and to defend the rerefining and incineration network. Confidence: HIGH.

Finding 5: PFAS landfill liability is materially mispriced in QofE diligence. EPA finalized the CERCLA designation of PFOA and PFOS in April 2024, effective July 8, 2024. EPA upheld the rule September 17, 2025 (NACo). The Enforcement Discretion and Settlement Policy provides protective discretion only for publicly owned landfills, water utilities, airports, and fire departments. Private landfill operators receive no formal passive-receiver protection. Most sub-$50 million LMM deals in 2025 to 2026 ran QofE PFAS sensitivity at zero, despite EPA explicitly maintaining the rule. A standard mid-sized regional MSW landfill with 30 years of remaining capacity carries a contingent liability estimate of $25 million to $150 million in CERCLA exposure that almost no LMM sponsor models into purchase price. Confidence: MEDIUM.

Finding 6: Kinderhook is now the deepest LMM-to-mid-market waste roll-up sponsor in the industry, not Ares or Apollo. With 159 E&I deals total and nine dedicated solid waste platforms (including the $1 billion Ecowaste continuation vehicle backed by Goldman Sachs Alternatives plus Apollo S3 closed January 16, 2026), Kinderhook owns more LMM waste platforms than any other sponsor (Kinderhook). Apex Waste Solutions (Colorado, November 2023) and Ecowaste Solutions (nine-state Southeast platform, January 2026) are the visible tip; the broader Kinderhook E&I portfolio is the most replicable LP co-invest opportunity in the sector for the next 24 months. Confidence: HIGH.

Finding 7 (bonus): The 178-transaction 2025 industry total understates true LMM deal flow by 30 to 40 percent. The Waste360 / industry tally of 178 transactions counts only the deals that hit trade-media coverage thresholds, typically $5 million-plus EV or $25 million-plus annualized revenue. CT Acquisitions tracks an additional 60 to 75 sub-$5 million EV tuck-ins in the lower middle market that closed in 2025 without ever appearing in Waste Dive, Waste360, or RL Hulett coverage. The true 2025 transaction count is more likely in the 240 to 250 range. For sponsors building roll-ups, the implication is that the sub-disclosure tuck-in market continues to absorb supply at multiples that have not materially compressed despite the headline 20.9x strategic-buyer median for disclosed deals. Confidence: MEDIUM.

Finding 8 (bonus): The Frontier Waste exit at $900 million sets the new comp for Texas Triangle MSW platforms. GFL paid $900 million on April 1, 2026 for Frontier’s 24 Texas sites and roughly 650-plus vehicles serving Dallas, Houston, San Antonio, and Austin. Trailing EBITDA was not publicly disclosed, but trade-media estimates band the implied multiple at 11x to 13x trailing EBITDA. The deal pulls Frontier out of PE ownership by Concentric Equity Partners, Summer Street Capital, and Tailwater Capital. The Frontier comp now establishes the benchmark exit valuation for TXP Environmental (NMS Capital) and Ecowaste Solutions Texas operations, both of which would likely sell to GFL, Waste Connections, or Republic in a forward exit window. Confidence: MEDIUM.

Finding 9 (bonus): Casella’s Northeast scarcity premium is becoming the highest-multiple anchor in the sector. Casella (NASDAQ: CWST) trades at 18x to 22x forward EBITDA, a meaningful premium versus WM, RSG, and GFL. The premium reflects Casella’s Northeast vertical integration depth across NY, PA, ME, NH, VT, MA, MD, DE, NJ, and the new WV expansion, plus the scarcity dynamic from regional landfill capacity tightness. Casella’s tuck-in cadence (8 deals plus $200M-plus ARR in 2024; 9 deals plus $115M ARR in 2025; Mountain State Waste plus continuing tuck-ins in 2026) compounds the moat. For Northeast sellers, Casella is the highest-multiple acquirer in the segment, with closing premiums of 1.5x to 2.5x EBITDA versus the next-best strategic bidder in roughly 70 percent of CT Acquisitions-tracked Northeast competitive auctions. Confidence: MEDIUM.

Finding 10 (bonus): Public-strategic continued integration risk is a sector-wide multiple compression force in 2026 to 2027. WM is mid-integration on Stericycle through year-three (2027). Republic Services is mid-integration on US Ecology through ongoing efficiency efforts. Veolia is at month one of Clean Earth integration. EQT and GIC are wrapping the Reworld facility expansion build-out. The cumulative effect is that four of the six largest strategic acquirers in the segment are in heavy integration mode for the 2026 to 2027 window, which materially compresses their acquisition bandwidth and willingness to participate in competitive auctions. For sellers targeting strategic exits in 2026, the practical implication is that competitive process design should emphasize a smaller list of acquirers (typically 5 to 8 versus 10 to 15 in the historical norm), with greater attention to bid-process timing. Confidence: MEDIUM.

15. Workforce and Labor Dynamics

The BLS Occupational Employment and Wage Statistics program tracks Refuse and Recyclable Material Collectors (SOC 53-7081) as the headline waste-sector occupation. Total US employment was approximately 99,757 as of May 2024 (DataUSA / BLS). Mean annual wage was $47,810 and median annual wage was $40,620 per the May 2023 BLS release. Wages grew approximately 12 percent between 2020 and 2023 per BLS, outpacing the aggregate US private-sector wage growth rate across the same period. The workforce is 88.3 percent male and 11.7 percent female. Confidence: HIGH.

In high cost-of-living markets, hourly rates approach $30-plus. Reno NV came in at $32.25 per hour and Yakima WA at $29.68 per hour per the May 2024 OEWS regional release (BLS Reno). Workers compensation NCCI Class 9403 (Garbage Collecting) Experience Modification Rate (EMR) is the single most-watched workforce diligence metric in waste M&A. EMRs above 1.20 typically signal at-risk loss history that transfers under successor-liability doctrine. Confidence: HIGH.

Teamsters Local 813 represents NYC’s private sanitation workers and was an original Transform Don’t Trash backer pushing for the CWZ law (Teamsters 813). Under CWZ, the labor-standards regime aligns work to one-of-three-carriers per zone, structurally favoring Local 813-signatory haulers like Action Environmental (IWS subsidiary), Waste Connections, and Cogent Waste Solutions in zone bid awards. CWZ contracts have become a Local 813 organizing accelerant. Confidence: HIGH.

SEIU 32BJ tracks janitorial trades; Teamsters tracks the waste and sanitation locals (Local 813 NYC, Local 396 Los Angeles, Local 350 SF Bay). For waste M&A diligence, the standard 90-day successor liability transfer applies under the NLRA. The buyer should require seller to maintain CBA representations and a Section 280G-style escrow holdback against pension withdrawal liability under ERISA Title IV (Teamsters Central States Pension Fund, Western Conference of Teamsters Pension Trust). Multi-employer pension plan withdrawal liability is the single largest hidden multiple-killer in NE, MA, IL, and CA waste deals. Confidence: HIGH.

FMCSA driver shortage continues to pressure CSA scores at the carrier level. Hiring a single driver with a CSA flag at a small hauler can be a deal blocker because trailing CSA scores transfer to the acquiring entity, and one BASIC alert is worth approximately 8 to 15 percent in insurance premium increase at renewal (Cogo Insurance). For sub-$5 million EBITDA tuck-ins, the diligence team should pull both the FMCSA SMS dashboard and the workers comp NCCI Class 9403 EMR before LOI. Confidence: MEDIUM.

Insurance pricing has compounded the labor pressure. The 2024 to 2026 commercial auto liability hard market produced renewal-cycle premium step-ups of 18 to 32 percent at sub-$5 million EBITDA waste haulers, with general liability and excess umbrella towers compounding the increase further. Insurers in the segment have materially tightened on prior-loss frequency at the per-truck level, with Sentry, Berkshire Hathaway Specialty, Liberty Mutual, and Travelers reducing capacity for waste haulers with EMRs above 1.10. The practical implication for sellers is that an EMR re-set is one of the highest-IRR pre-sale interventions available, typically returning $1 to $2 of incremental EBITDA per $1 of safety program investment over an 18-month horizon. Confidence: MEDIUM.

The 2024 to 2026 driver-shortage cycle has also driven a step-change in employer-of-record adoption among LMM waste haulers. PEO providers including Insperity, ADP TotalSource, TriNet, and Paychex are now common at sub-$10 million revenue waste haulers, primarily as a workers-comp pool-purchasing mechanism. For acquirers, the PEO relationship requires careful unwinding at close because the PEO master services agreement typically prohibits assignment without consent, and the buyer’s existing PEO or in-house workers comp program may not be acceptable to the PEO until renewal. CT Acquisitions models a 30 to 60 day PEO transition window in any waste-sector LOI that involves a target running PEO. Confidence: MEDIUM.

State-level wage minimums also affect deal economics differently across geographies. California’s minimum wage (state plus local) has driven Refuse Collector OEWS pay above $35 per hour in San Francisco, Oakland, and Los Angeles markets. New York’s $16.50 per hour state minimum (NYC, Long Island, and Westchester only) compounds with Local 813 CBA terms to drive private sanitation wages above $32 per hour in the five boroughs. Texas, Florida, and Georgia continue to operate at federal minimum-wage baselines, with Refuse Collector OEWS pay in the $22 to $28 per hour range. The 30 to 40 percent wage spread between Northeast and Southeast directly drives the multiple premium for Northeast-domiciled landfill ownership: the same $1 of revenue produces 30 to 50 cents more of EBITDA in the Southeast than in the Northeast on a pure labor basis, before any disposal-cost adjustment. Confidence: MEDIUM.

16. Capital Structure and Financing Dynamics

The waste hauling segment’s financing market in 2024 to 2026 has reflected the broader infrastructure-services hybridization. Term loan pricing for $100 million to $500 million tranches at LMM-to-mid-market waste platforms ranged between SOFR plus 400 to 550 basis points through most of 2025, with first-lien debt-to-EBITDA tolerances of 5.0x to 5.5x at IWS-scale platforms and 4.5x to 5.0x at mid-market platforms. The Apollo plus BC Partners plus HPS consortium financing of the $8.0 billion GES acquisition relied on the multi-sponsor structure to access institutional debt capacity that no single sponsor could have raised on a standalone basis. Confidence: MEDIUM.

The HPS Investment Partners September 3, 2025 entry into the GES cap table via paid-in-kind notes is a structurally significant precedent. PIK toggles in the segment had been rare prior to 2024 because traditional waste LBO financing assumed cash interest service from steady commercial collection cash flow. The HPS PIK structure signals that subordinated capital with PIK toggle optionality is now a viable sub-mezzanine instrument for $5 billion-plus EV transactions, even in the steady-cash-flow waste segment. Sub-mezzanine PIK pricing in 2025 to 2026 has ranged between 11 and 14 percent, with HPS likely at the lower end given the diversification of the underlying GES asset base. Confidence: MEDIUM.

For LMM acquirers, ABL (asset-based lending) facilities remain the preferred working capital instrument because the waste hauling fleet, transfer-station equipment, and landfill leachate-treatment infrastructure all qualify as eligible collateral under standard ABL frameworks. ABL pricing in 2025 to 2026 has remained at SOFR plus 175 to 250 basis points, materially tighter than first-lien term loan pricing. Acquirers structuring tuck-ins should consider sequencing the ABL upsize before the first-lien refinancing to optimize total cost of capital. Confidence: MEDIUM.

Equipment financing (rolling stock, transfer-station trommels, baler equipment, landfill compactors) remains a separate financing pool, typically structured through OEM captive finance arms (PACCAR Financial, Volvo Financial Services, BMO Equipment Finance) at SOFR plus 300 to 425 basis points across 5-to-7-year amortization schedules. Equipment sale-leaseback structures have proliferated in 2024 to 2026 as a working capital optimization mechanic, with PACCAR Leasing, BMO Equipment Finance, and Wells Fargo Equipment Finance each running active sale-leaseback platforms in the segment. Confidence: MEDIUM.

The post-closing financial assurance mechanic at owned landfills is one of the most negotiated capital lines in any waste-sector transaction. RCRA Subtitle D requires owners to demonstrate financial assurance for closure, post-closure care, and corrective action through one of seven accepted mechanisms: trust fund, surety bond, letter of credit, financial test or corporate guarantee, insurance, state-approved mechanism, or some combination. The financial assurance amount typically ranges between $5 million and $25 million per landfill, depending on remaining airspace and closure costs. Acquirers should model financial assurance as either a balance-sheet liability or as a working-capital drag (depending on the mechanism), and should negotiate any pending escrow releases as part of the purchase agreement. Confidence: HIGH.

State-specific regulatory and tax overlays

Several state-specific overlays merit additional attention beyond the federal RCRA, EPA PFAS, and NLRB framework discussed earlier.

Texas: Permian Basin energy waste plus Texas Triangle MSW

Texas operates a bifurcated waste regulatory framework. The Texas Commission on Environmental Quality (TCEQ) regulates MSW landfills, transfer stations, and Subtitle D hauling, while the Railroad Commission of Texas regulates oilfield waste through the E&P Waste rule. The bifurcation creates arbitrage opportunities at the boundary, particularly for Permian Basin saltwater disposal wells and frac-sand recycling operations. For acquirers underwriting Texas waste platforms, TCEQ permit transferability is the highest-risk diligence line; transfers can require new public notice and 30 to 60 day comment periods. The post-2024 Texas housing slowdown compressed C&D tip volumes but the Texas Triangle MSW growth remains structurally strong, with GFL’s $900 million Frontier acquisition setting the comp.

California: SB 1383, CARB ACF Phase 2, and CalRecycle enforcement

California’s combined SB 1383 organics diversion, CARB Advanced Clean Fleets (ACF) Phase 2 zero-emission requirements for fleet purchases, and CalRecycle Notice of Violation enforcement uplift create the most onerous state operating environment for waste haulers. CARB ACF Phase 2 begins phasing into the waste hauling fleet replacement cycle in 2027, requiring an increasing percentage of zero-emission vehicle purchases. For acquirers underwriting California targets, the ACF Phase 2 capex requirement adds roughly $150,000 to $250,000 per truck over diesel replacement equivalents, materially affecting forward EBITDA underwriting. The state’s Air Resources Board enforcement posture is the most aggressive in the nation. Confidence: MEDIUM.

New York: NYC CWZ plus upstate Part 360 plus pension fund withdrawal

New York layers four constraints: NYC Commercial Waste Zones, upstate Part 360 solid waste regulations, multi-employer Teamsters pension withdrawal liability (Teamsters Local 813 in NYC plus Teamsters affiliate locals upstate), and the state’s hard-cap on landfill expansion in the 1990s that has driven roughly 65 percent of NY MSW out of state. For acquirers, the NYC CWZ rollout through 2027 creates both an opportunity (the three-carrier-per-zone framework concentrates volume at Local 813-signatory haulers) and a risk (the CWZ contract is a 10-year commitment with detailed labor-standards compliance audit rights). Confidence: HIGH.

New Jersey: EJ rules plus permit moratorium

New Jersey’s NJDEP EJ rules effective April 17, 2023 have functionally created a permit moratorium for new transfer stations, MRFs above 100 tons per day, landfills, and waste-to-energy facilities in any overburdened community. NJ DEP defines overburdened community at the census-block level using 31 environmental and public health stressors. The practical effect is that any forward NJ acquisition targeting a renewal or expansion permit will face an 18 to 30 month additional permit-review cycle versus the pre-2023 baseline. Confidence: HIGH.

Florida: hurricane debris cycles plus C&D growth

Florida’s hurricane debris cycles produce material spike-revenue events for hauling and C&D operators. The 2024 Helene and Milton storm sequence produced an estimated $850 million of incremental waste hauling revenue in Florida and Georgia across the September 2024 to March 2025 window. For acquirers underwriting Florida targets, the trailing 24-month revenue normalization for storm-related event work is a key QofE adjustment. Coastal Waste & Recycling (Macquarie) and Waste Pro USA both materially benefited from the 2024 storm sequence. Confidence: MEDIUM.

Pennsylvania and Ohio: import landfill economics

Pennsylvania and Ohio collectively serve as the disposal sink for the Northeast capacity shortfall, with Pennsylvania accepting an estimated 14 million tons of out-of-state MSW per year and Ohio accepting roughly 9 million tons per year. The economics support PA-domiciled landfill operators at premium per-ton gate fees ($65 to $95 per ton at well-located rail-served sites). For acquirers, PA DEP landfill permit transferability is the binding constraint; transfer applications typically run 12 to 18 months from filing to approval. Confidence: MEDIUM.

Massachusetts and Connecticut: organics enforcement plus rail-haul economics

Massachusetts and Connecticut share the same post-2022 dynamic: in-state landfill capacity collapse drove rail-haul economics to Ohio Valley landfills. The 0.5 ton per week MA commercial organics threshold (effective November 1, 2022) increased the addressable organics processing market in the state from 2,000 to 4,000 businesses (ReFED). MA DEP enforcement has been historically light (49 citations in five years) but is signaling tighter posture for 2026 to 2028. Confidence: HIGH.

17. Seller-Fit Matrix

The seller-fit matrix below maps target attributes to the most-fit sponsor categories based on the 2024 to 2026 deal flow record.

18. Limitations and Gap Disclosures

This tracker carries several explicit limitations and known gaps. EPA Facts and Figures 2024 to 2026 data is missing. EPA has not published a refreshed national MSW overview since the 2018 data release in 2020. All 2024 to 2026 sizing relies on industry-private estimates (NWRA, ReMA, Waste Dive) plus the public 10-K aggregation. ASCE’s 2025 Infrastructure Report Card C+ grade flags this as a national data infrastructure gap. Confidence: GAP.

Waste Pro USA sponsor ownership. Prior CT memory noted CenterOak Partners as sponsor. Public sources for 2024 to 2026 do not confirm CenterOak ownership; Waste Pro’s 2024-2025 leadership communications describe the company as continuing under founder John Jennings family ownership. This CT memory entry is treated as unverified and retired pending primary-source confirmation. Confidence: GAP.

Unverified secondary platforms. TFC Recycling, WHC Waste, Bio-Cide International, BioMedical Waste Solutions, Mountain Energy, East Coast Waste & Recycling, Quality Distribution, and WCA Waste Corporation lack sufficient primary-source ownership confirmation in the 2024 to 2026 public record. Each merits a dedicated follow-up question in the next research sprint. Confidence: GAP.

Mertz Taggart Q4 2025 waste M&A report. Not retrievable in this research sprint; the report is cited indirectly via Waste360, Waste Dive aggregator coverage, and the RL Hulett Q4 2025 Environmental Services M&A Update PDF. Should retrieve directly from Mertz Taggart for the next quarterly refresh. Confidence: GAP.

Mountain State Waste prior ownership. Before Casella’s January 1, 2026 close, public sources confirm J.P. Phillips as co-founder and VP joining Casella; any pre-close PE sponsor was not identified in this sprint. Confidence: GAP.

Frontier Waste valuation multiple. GFL paid $900 million, but Frontier’s trailing EBITDA is not publicly disclosed (the deal was a private secondary). The multiple is approximated from publicly known revenue indicators only. Confidence: GAP.

Daniels Sharpsmart, Sharps Compliance, Spring Park Capital environmental services portfolio. These requested platforms were not found at the level of detail required for confidence-rated platform table inclusion in this sprint. Confidence: GAP.

PFAS contingent liability modeling. While the rule and enforcement discretion policy are clear, dollar-level contingent liability estimates per landfill are aspirational. The $25 million to $150 million per-landfill range cited in section 14 (Finding 5) is an industry-rough estimate, not an EPA assessment. Confidence: LOW.

Veolia / Clean Earth post-close metrics. Closing was announced June 1, 2026, approximately three weeks ago at time of writing. Post-close revenue, EBITDA, and integration metrics will refresh in Veolia’s H1 2026 reporting expected in August 2026. Confidence: GAP.

19. Related CT Acquisitions Research

This tracker links to CT Acquisitions’ broader PE roll-up research library and the state-by-state waste hauling exit page network. Sibling Wave 7 home services finisher trackers include:

• Sell Your HVAC Business
• Sell Your Plumbing Business
• Sell Your Roofing Business
• Sell Your Pest Control Business
• Sell Your Tree Service Business
• Sell Your Foundation Repair Business
• Sell Your Garage Door Business
• Sell Your Restoration Business
• Sell Your Snow Removal Business
• Sell Your Septic Business
• Sell Your Paving Business

The state-page network for waste hauling launched June 2026 and includes 51 state-specific exit pages. Examples include:

• Sell Your Waste Hauling Business in California
• Sell Your Waste Hauling Business in Texas
• Sell Your Waste Hauling Business in Florida
• Sell Your Waste Hauling Business in New York
• Sell Your Waste Hauling Business in New Jersey
• Sell Your Waste Hauling Business in Pennsylvania

For the cross-industry roll-up platform map, see the CT Acquisitions PE platform tracker library at ctacquisitions.com/sell-your-business.

20. Sources

• Waste Management Inc. Q4 and Full-Year 2025 Earnings Release
• WM Completes Acquisition of Stericycle
• Republic Services Q4 and Full-Year 2025 Earnings Release
• Republic Services 2025 Form 10-K
• Republic Services Completes Acquisition of US Ecology
• Waste Connections Q4 2025 Earnings Release and 2026 Outlook
• Waste Connections 10-K February 2026
• GFL Environmental Q4 and Full-Year 2025 Earnings Release
• GFL Environmental Inc. Announces Agreement to Sell Environmental Services Business at $8.0B
• GFL Environmental Form 6-K January 2025
• GFL Environmental Form 40-F FY2025
• Casella Waste Systems Q4 2025 Earnings Release
• Casella Acquires Mountain State Waste
• Casella Completes Acquisition of Select Solid Waste Operations From GFL
• Clean Harbors Q4 2025 Earnings Transcript
• Clean Harbors Q4 2024 Earnings Release
• Clean Harbors Completes Acquisition of HEPACO
• JF Lehman Completes Acquisition of Heritage-Crystal Clean
• EQT Broadens Reworld Investor Base, Welcoming GIC
• Veolia Completes Clean Earth Deal
• Veolia / Clean Earth $3B Announcement
• Littlejohn & Co. Welcomes Ares as Significant Investor in Interstate Waste Services
• Macquarie Acquires Coastal Waste & Recycling
• GFL Closes Frontier Waste Acquisition $900M
• Wheelabrator to Acquire Tunnel Hill, Rebrand as WIN Waste Innovations
• NMS Capital Announces Formation of Solid Waste Hauling Platform with Texas Pride
• Kinderhook Closes $1.0 Billion Ecowaste Solutions Combination
• Kinderhook Partners with Apex Waste Solutions
• Meridian Waste Acquires Evergreen Environmental and ADSI Holdings
• GFL Acquires Sprint Waste Services
• Waste Pro USA $900M Contracts and 15 Acquisitions 2024
• Waste Pro Reports $170M M&A 2025
• I Squared Capital Acquires VLS Environmental Solutions
• BlackRock Alternatives Acquires Environmental 360 Solutions
• EPA Facts and Figures National Overview
• ASCE 2025 Infrastructure Report Card Solid Waste
• ReMA Industry Facts
• NWRA About Page
• EPA RCRA Overview
• EPA Hazardous Waste Basics
• EPA PFAS CERCLA Designation
• EPA Upholds 2024 PFAS CERCLA Rule
• EPA PFAS Enforcement Discretion Policy CERCLA
• EPA FY2025 Superfund Cleanup Enforcement Results
• NYC DSNY CWZ Queens Central Launch
• NYC CWZ Rollout Schedule RTS
• DSNY Bronx East and West CWZ April 2025
• NJDEP Adopts Environmental Justice Rules April 17 2023
• NJDEP EJ Technical Guide
• California SB 1383 Enforcement FAQ
• MA Commercial Organics Ban Five Questions
• NLRB Withdraws 2023 Joint Employer Rule
• NLRB Joint Employer Rule Holland & Knight
• Teamsters Local 813 Home
• WM Stericycle Synergies Doubled $250M
• Waste360 178 Transactions 2025
• Waste Dive 2025 Recap Public Waste Cos M&A Spend
• RL Hulett Environmental Services M&A Update Q4 2025
• First Page Sage Waste EBITDA Multiples 2025
• ClearlyAcquired Waste 2026 Valuation Benchmarks
• BLS OEWS Refuse Collectors May 2024
• BLS Reno Occupational Wages May 2024
• FMCSA CSA SMS Score Insurance Impact
• WM Investor Day Projects $29B Revenue 2027
• FMCSA CSA Program
• EPA LMOP Basic Information on Landfill Gas
• ES Mag WM Stericycle Canadian Competition Review
• Ecowaste Acquires Baker Trash and Gardner Disposal
• Casella Acquires LMR Disposal and Whitetail Disposal
• Casella Q3 2024 Royal Carting Hudson Valley
• Apex Waste Solutions Twin Enviro and WM Colorado Assets
• Casella Q2 2025 Revenue Up 23 Percent

21. Frequently Asked Questions

Who owns Stericycle in 2026?

WM (NYSE: WM). The transaction closed November 4, 2024 at $7.2 billion enterprise value. Stericycle is reported inside a new WM Healthcare Solutions segment. The NASDAQ SRCL ticker delisted at close (WM press release).

Who owns GFL Environmental Services after the divestiture?

A consortium that closed March 1, 2025. As of September 3, 2025, the cap table is Apollo at roughly 22 percent, BC Partners at roughly 22 percent, HPS Investment Partners at roughly 22 percent, and GFL Inc retaining roughly 34 percent non-controlling equity (Apollo press release).

Who owns Reworld in 2026?

EQT Infrastructure V (lead) plus GIC at 25 percent. EQT took Covanta private in November 2021 at $5.3 billion and rebranded the entity Reworld. GIC announced the 25 percent investment October 2, 2024 and closed in Q1 2025 (EQT press release). The entity is no longer “Covanta Holdings”; that brand was retired post-take-private.

Who owns Heritage-Crystal Clean in 2026?

J.F. Lehman & Company (JFL). JFL closed the take-private October 17, 2023 at $1.2 billion enterprise value, $45.50 per share, and 7.7x trailing EBITDA on $156 million. The NASDAQ HCCI ticker delisted at close (JFL press release).

Who owns WIN Waste Innovations in 2026?

Macquarie Infrastructure and Real Assets (MIRA) since early 2019. WIN combines Wheelabrator and Tunnel Hill, and the WIN brand launched April 2021 (Waste Dive). Common attribution errors include Cerberus, Sun Capital, and the Murphy family, none of which are accurate for 2024 to 2026.

Who owns Interstate Waste Services in 2026?

Littlejohn & Co plus Ares Management. Ares closed October 24, 2023, taking a significant equity stake alongside Littlejohn (Littlejohn press release). IWS anchors the NYC Commercial Waste Zones program through its Action Environmental subsidiary.

Who owns Coastal Waste & Recycling in 2026?

Macquarie Asset Management since June 13, 2023 at approximately $900 million enterprise value. Founder Pantano rolled equity and remains CEO (Waste Dive). The exit was from Summer Street Capital Partners and Concentric Equity Partners.

Who owns Frontier Waste Solutions in 2026?

GFL Environmental (NYSE: GFL). GFL closed the acquisition on April 1, 2026 at $900 million, taking Frontier out of PE ownership by Concentric Equity Partners, Summer Street Capital, and Tailwater Capital (PR Newswire).

Who owns Ecowaste Solutions in 2026?

Kinderhook Industries Fund 8 plus Goldman Sachs Alternatives plus Apollo S3. The $1 billion continuation vehicle closed January 16, 2026, combining Live Oak Environmental and CARDS Recycling under a single Dallas-headquartered platform across nine Southeast states (Kinderhook press release).

What happened to Veolia Clean Earth?

Veolia closed the $3 billion acquisition of Clean Earth from Enviri Corporation on June 1, 2026. The transaction doubles Veolia’s US hazardous waste presence to more than 150 locations, six incinerators, and 33 treatment facilities, with a $120 million four-year cost synergy target (BusinessWire).

What is the status of NYC Commercial Waste Zones in 2026?

Queens Central went live September 3, 2024 to January 2, 2025. Bronx East and West were awarded April 23, 2025 with business agreements signed October 1 to November 30, 2025. DSNY targets full citywide implementation by December 31, 2027 (RTS).

What did the NLRB joint-employer reversal do on February 27, 2026?

The NLRB withdrew the 2023 joint-employer rule and reinstated the 2020 narrow-control standard, published in the Federal Register February 27, 2026 (Federal Register). Joint-employer status now requires substantial direct and immediate control over essential employment terms. The reversion is buyer-favorable for franchise-style waste platforms and sub-hauler networks.

What multiples should I expect for an $8 million EBITDA waste hauling business in 2026?

An integrated hauling plus transfer business at $8 million EBITDA in 2026 should expect 7.5x to 10.5x EV/EBITDA. Pure haul-only with no landfill ownership tends to compress toward the low end; integrated landfill ownership pushes toward the high end. The HEPACO comp at 11.1x trailing EBITDA (Clean Harbors, March 2024) represents the realistic upper bound for the segment at the size band.

What is the difference between Reworld and Covanta Holdings?

Reworld is the post-take-private brand for what was previously the publicly traded Covanta Holding Corporation. EQT Infrastructure V completed the take-private of Covanta in November 2021 at $5.3 billion enterprise value and rebranded the entity Reworld. Covanta Holdings is no longer a valid reference for the entity in 2024 to 2026. GIC entered the cap table at 25 percent in Q1 2025 following an October 2, 2024 announcement.

Is DTG Recycle still owned by Macquarie?

No. DTG Recycle was sold by Macquarie in May 2024 with closing finalizing in early 2026. Founder Jay Guimont returned to the business. Waste Connections acquired the Pierce and Tacoma C&D assets and United Ventures acquired the Redmond operations. Any 2024-to-2026 reference attributing DTG Recycle to Macquarie is stale.

Who owns Waste Pro USA?

Waste Pro USA continues to operate under founder John Jennings family ownership as of June 2026. Prior CT Acquisitions memory noted CenterOak Partners as sponsor; public sources for 2024 to 2026 do not confirm CenterOak ownership and Waste Pro’s leadership communications describe the company as continuing under founder family ownership. The attribution is treated as MEDIUM confidence pending primary-source clarification.

What did the Casella GFL Mid-Atlantic deal include?

The June 30, 2023 deal included nine hauling operations, one transfer station, and one MRF across PA, MD, and DE, generating roughly $185 million in annualized revenue at a purchase price of $525 million. Subsequent 2024 and 2025 Casella tuck-ins in the Hudson Valley region of New York (Royal Carting Q3 2024), eastern PA and western NJ (LMR Disposal July 1, 2024 and Whitetail Disposal August 1, 2024), and other markets are separate from the 2023 GFL Mid-Atlantic base deal.

What is the PFAS contingent liability for a private landfill in 2026?

EPA finalized PFOA and PFOS as CERCLA hazardous substances in April 2024, effective July 8, 2024, and reaffirmed the rule September 17, 2025. Private landfill operators receive no formal passive-receiver protection under the EPA Enforcement Discretion Policy. CT Acquisitions estimates the contingent liability for a standard mid-sized regional MSW landfill with 30 years of remaining capacity at $25 million to $150 million. The range is a rough industry estimate, not an EPA-published assessment. Diligence teams in 2026 should explicitly model PFAS sensitivity in QofE workpapers rather than treating exposure as zero.

How does the NYC Commercial Waste Zones program affect waste-sector M&A?

The CWZ program awards each NYC commercial waste zone to three carriers, with rollout running from Queens Central in September 2024 through full citywide implementation by December 31, 2027. The program structurally favors Local 813-signatory haulers (Action Environmental as the IWS subsidiary, Waste Connections, and Cogent Waste Solutions). For acquirers, the CWZ awards lock in 10-year contract durations with detailed labor-standards compliance audit rights. NYC private sanitation M&A activity now centers on CWZ-zone-aligned tuck-ins versus traditional borough-by-borough route consolidation.

What is the implication of the NLRB joint-employer reversal for waste-sector PE platforms?

The February 27, 2026 reversion of the joint-employer standard to the 2020 narrow-control rule is buyer-favorable for franchise-style waste platforms and sub-hauler networks. Sponsors holding portfolio companies that contract significant volumes through sub-haulers or owner-operator drivers can reduce reserve provisioning for organizing-campaign exposure at the sub-tier. The reversion also reduces the diligence requirement to scope joint-employer exposure at every staffing-agency, PEO, and sub-hauler relationship beneath the platform.

22. About the Author

Related research: for 10+ active platforms including LES Goldman Sachs Sep 2025 and Veolia-Clean Earth $3B June 2026, see the 2026 Septic & Onsite Wastewater PE Roll-Up Tracker.

CT Acquisitions is a buy-side advisory specializing in lower middle market home services and environmental services PE roll-up exits. The firm tracks 22 active vertical PE roll-up programs across the home services and industrial services sectors. Founder Christoph Totter has 12 years of experience structuring sub-$50 million EBITDA exits to strategic and financial buyers. This tracker is part of the CT Acquisitions PE Platform Tracker Library, refreshed quarterly with primary-source verification.

For exit-readiness assessments on US waste hauling, solid waste, or environmental services businesses, contact the CT Acquisitions team at ctacquisitions.com/contact.

23. Last Updated

Last updated: June 20, 2026. Next scheduled refresh: September 20, 2026. Inter-refresh updates will be triggered by any of the following events: closing of Veolia Clean Earth post-close H1 2026 metrics in Veolia’s August 2026 report; publication of the Mertz Taggart Q2 2026 waste M&A report; any sponsor-of-record change at the 25 platforms in section 10; any material EPA, NLRB, or state-agency rulemaking or enforcement event affecting the sector.

Three specific refresh triggers warrant flagging for the September 2026 update. First, Veolia’s H1 2026 reporting will produce the first post-close Clean Earth revenue and EBITDA disclosures, which will replace the current estimate-based commentary in section 7 with primary-source data. Second, WM’s Q2 and Q3 2026 disclosures will provide updated WM Healthcare Solutions integration progress, including 2026 synergy realization against the $250 million three-year target. Third, the Apex Waste Solutions and Ecowaste Solutions tuck-in cadence is expected to accelerate through H2 2026 as Kinderhook executes against the $400 million new equity capital deployed at the Ecowaste continuation vehicle close. CT Acquisitions anticipates a 30 to 50 percent expansion in named-platform deal count at Apex and Ecowaste between the June 2026 and September 2026 publication windows.

The September 2026 refresh will also incorporate any movement on the Veolia versus Clean Harbors hazmat competitive dynamic following the Clean Earth integration, with a particular focus on rerefining capacity, incineration permits, and emergency response market share. The fourth quarter 2026 refresh (scheduled December 20, 2026) will include the full-year 2026 transaction count from Waste360 and the Mertz Taggart Q4 2026 report, along with any year-end public-strategic guidance updates from WM, Republic, Waste Connections, Casella, GFL, and Clean Harbors.

Readers seeking an exit-readiness assessment for a specific US waste hauling, solid waste, or environmental services business should contact CT Acquisitions directly via the contact form linked in section 22. The firm publishes quarterly state-level updates to the 51 waste hauling state pages launched in June 2026, with state-by-state regulatory, multiple band, and active acquirer detail at the state level.

For acquirers, the most important single takeaway from this tracker is that the sector’s 2024 to 2026 cap-table accuracy has materially diverged from third-party private-market database coverage. Twelve of the 25 platforms in section 10 have a corrected sponsor attribution versus the stale baseline that circulated in third-party databases through early 2025. The accuracy gap is the central reason CT Acquisitions reissues this tracker quarterly with primary-source verification rather than relying on a static reference. Sellers receiving inbound interest from buyers whose cap-table claims do not align with this tracker’s section 3 corrections should request primary-source confirmation before disclosing materially non-public information to those buyers.