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06/2026100%

Clean Earth acquired by Veolia

UNITED STATES Utilities (Regulated Infrastructure) / Waste Management / Hazardous Waste EV $1–10bn

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 [members only] in 2026, is valued in this transaction at an EV/EBITDA multiple of 15x–25x.

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

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$3bn

Equity Value

[members only]

Multiples

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EV / Revenue

2.9x

EV / EBITDA

15x–25x

EV / EBIT

[members only]

Historical Financials (USD)

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Year
Rev
EBITDA
EBIT
2026
1bn
$150–250M
[members only]
2025
$1–10bn
$150–250M
[members only]

Other operations with Veolia

Other operations with Veolia
DateAcquirerTargetCountrySector
06/2024VEOLIAENVIROPACIFICAUSTRALIAHazardous Waste

Similar deals in Utilities (Regulated Infrastructure)

Similar deals in Utilities (Regulated Infrastructure)
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07/2026CVCECOERIDANIAITALYHazardous Waste
06/2026NORDIC CAPITALFLOWA TECHNOLOGYSWEDENWater
05/2026DERICHEBOURGSCHOLZ RECYCLINGGERMANYCollection & Recycling
05/2026APOLLO GLOBAL MANAGEMENTNOBLE ENVIRONMENTALUNITED STATESCollection & Recycling
03/2026MEANINGS CAPITAL PARTNERSMOULINOTFRANCECollection & Recycling
03/2026PAPRECCONVERTINIITALYCollection & Recycling
03/2026AMBIENTAP.I.ECOITALYWater
03/2026EQT PARTNERSKELDA HOLDINGSUNITED KINGDOMWater
03/2026HERA GROUPSOSTELIA GROUPITALYWater

REFERENCES

Valuation range: EV $1–10bn

Revenue range: $1–10bn

EBITDA range: $150–250M

EV/Revenue range: 2x - 6x

EV/EBITDA range: 15x - 25x

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of Clean Earth by Veolia are reserved for mynth community members. Register for free to unlock full data.

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

FAQ

What transaction does this page cover?

This page covers Veolia’s acquisition of 100% of Clean Earth, an American company specialised in Waste Management, in 2026.

How was the acquisition of Clean Earth by Veolia valued, and what multiples were paid?

The transaction valued Clean Earth at an enterprise value of $3bn, implying an EV/revenue multiple of 2.9x.

What were Clean Earth’s revenue and EBITDA at the time of the deal?

At the time of the transaction, Clean Earth reported annual revenue of $1bn, with EBITDA estimated in the $150–250M bracket (FY 2026). Detailed financial figures are available to members.

What sources support the information on this transaction?

The details of this transaction are sourced directly from the official corporate announcement published on the parties’ institutional website, ensuring primary-source verification of the closing and perimeter.

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