Most of North America’s publicly traded waste companies started slow with acquisition activity in 2024, but notable deals that closed over the summer resulted in more significant spending totals for the third quarter.

Total Q3 spending reached an estimated $1.45 billion. The totals include spending reported by WM, Republic Services, Waste Connections, GFL Environmental and Casella Waste Systems.

Below is a recap of recent M&A activity for the industry’s five largest public companies, along with executives’ insights into possible future deals.

Spending totals are net of cash acquired, with some variation in methodology among companies.

*GFL figures converted from Canadian to U.S. dollars for comparison purposes, based on Nov. 11 exchange rate.

Recaps and outlooks

WM

WM’s recent acquisitions have mainly been of solid waste and recycling businesses, including a focus on deals in New York, Florida, North Carolina and Arizona. Overall, WM has invested $790 million in acquisitions so far in 2024 that contributed $108 million of revenue growth this year, said CEO Jim Fish during a recent earnings call. 

Total M&A spending could reach the $1 billion mark by the end of the year or early into 2025, executives said. The company is planning “to get the next handful of deals closed here in the next few months,” added John Morris, WM’s chief operating officer.

WM’s Q3 acquisitions did not include the $7.2 billion acquisition of Stericycle, which closed Nov. 4. 

Republic Services

Executives lowered expectations for Republic’s M&A spend for the year. CEO Jon Vander Ark said on the company’s third-quarter earnings call that the company is now tracking toward more than $200 million total for the year as opposed to its initial $500 million estimate. He said that the company’s M&A pipeline ebbs and flows, and that the first half of the year was slow.

Nevertheless, Vander Ark said the company would “stay disciplined” on its acquisition strategy, noting: “For every eight opportunities we look at, eventually we close one of those … Sometimes those things break quickly and sometimes they take a little longer.”

CFO Brian DelGhiaccio said the company’s underlying strategy toward M&A has not changed, and that he expected a strong first half of 2025 based on the company’s existing pipeline.

Waste Connections

Waste Connections is on track to set a company record for M&A spending in 2024, executives said during a Q3 earnings call. 

Notable acquisitions in Q3 included New York City-based Royal Waste Services, one of the city’s largest private haulers. That deal further cements Waste Connections in the city’s new commercial waste zone system. 

Waste Connections so far has acquired 17 businesses it described as “non-hazardous solid waste collection, transfer, recycling and disposal businesses.” It also acquired four E&P waste treatment and disposal businesses. The signed or closed deals are worth over $700 million in annualized revenue, execs said.

Solid waste businesses continue to be the main focus, though CEO Ron Mittelstaedt said the acquisitions also include “new competitive markets, E&P waste facilities and several tuck-ins” near its current footprint.

GFL Environmental

GFL Environmental has had a relatively muted 2024 on M&A as it works to reduce its debt, but reported nine acquisitions so far this year. Nevertheless, it continued to close several tuck-in acquisitions in the third quarter. So far, the company estimates its 2024 acquisitions will generate approximately $115 million Canadian in annualized revenue.

The company is in the midst of selling off its environmental services business, which it anticipates will significantly lower its debt leverage ratio and enable more M&A activity next year.

Casella Waste Systems

Casella completed six acquisitions this year, including Whitetail Disposal, which collectively brought in about $200 million in annualized revenues. That list also includes the recent acquisition of Royal Carting and Welsh Sanitation, which closed on Oct. 1.

Though Casella’s M&A pipeline includes about $600 million of potential revenues, President Ned Coletta said the company plans to focus mainly on tuck-ins over larger deals as they work to integrate some of their previous acquisitions. “I wouldn't say it's a full pause on acquisitions, because there's definitely deals that are in the pipeline that continue to kind of move along,” he said.