CLEAN EARTH acquired by VEOLIA
Context
Veolia has completed the acquisition of Clean Earth in a deal valued at approximately $3 billion. This strategic move is part of the company's plan to bolster its presence in the North American hazardous waste market and accelerate growth in key industrial segments. The acquisition enables Veolia to double the size of its hazardous waste business in the US and significantly expand its industrial network and treatment capabilities. It also strengthens the company's position across the entire value chain, with expected operational synergies driven by logistics optimization, infrastructure integration, and enhanced treatment capabilities. The transaction is anticipated to generate around $120 million in annual synergies within four years. This deal aligns with Veolia's global strategy to reinforce its leadership in environmental services and capitalize on the structural growth driven by tightening environmental regulations and industrial transformation.
CLEAN EARTH, which reported an EBITDA margin of in 2026, is valued in this transaction at an EV/EBITDA multiple of .
Target
Clean Earth is a leading US-based provider of hazardous waste management and treatment services, operating a comprehensive national network of collection, treatment, storage, and disposal facilities. The company specializes in handling complex industrial waste streams that require strict compliance with environmental regulations, particularly in the healthcare, retail, pharmaceutical, semiconductor, and industrial manufacturing sectors. With an extensive industrial footprint across the United States, comprising over 80 sites and multiple EPA-permitted facilities for hazardous waste treatment and disposal, Clean Earth is well-equipped to provide end-to-end solutions, from collection and logistics to final treatment, including specialized services for emerging contaminants and complex industrial waste. As a trusted supplier of critical environmental solutions, the company has established itself as a key player in a regulatory environment characterized by increasing stringency and growing demand driven by industrial transition, reshoring, and the expansion of technology-intensive industries. Clean Earth serves a diverse client base of industrial and public sector entities, with significant exposure to the most dynamic segments of the US economy.
Ent. Value
FREE VIEW3000M USD
Equity Value
Multiples
FREE VIEW
EV / Revenue
2.9x
EV / EBITDA
EV / EBIT
Historical Financials (USD)
FREE VIEWSimilar deals in Utilities (Regulated Infrastructure)
| Date | Acquirer | Target | Country | Sector |
|---|---|---|---|---|
| 08/2026 | J.P. Morgan Asset Management | IDEX | FRANCE | District Heating |
| 06/2026 | NORDIC CAPITAL | FLOWA TECHNOLOGY | SWEDEN | Water |
| 05/2026 | DERICHEBOURG | SCHOLZ RECYCLING | GERMANY | Collection & Recycling |
| 05/2026 | APOLLO GLOBAL MANAGEMENT | NOBLE ENVIRONMENTAL | UNITED STATES | Collection & Recycling |
| 03/2026 | PAPREC | CONVERTINI | ITALY | Collection & Recycling |
| 03/2026 | HERA GROUP | SOSTELIA GROUP | ITALY | Water |
| 03/2026 | MEANINGS CAPITAL PARTNERS | MOULINOT | FRANCE | Collection & Recycling |
| 03/2026 | EQT PARTNERS | Kelda Holdings | UNITED KINGDOM | Water |
| 02/2026 | BLACKSTONE / EQT PARTNERS | URBASER | SPAIN | Waste Management |
| 01/2026 | PAPREC | PIZZORNO ENVIRONNEMENT | FRANCE | Collection & Recycling |
REFERENCES
Valuation range: EV 3b - 100b USD
Revenue range: 750M - 1.3b USD
EBITDA range: 150M - 250M USD
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Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.
Press release: view release
Target: clean earth
Acquirer: veolia