The most recent updates to this tracker are:
- VLS Environmental acquired Azusa, California-based IDR Environmental Services, which operates a 10-day hazardous waste transfer station there. IDR services clients in the manufacturing, medical, government, education and commercial real estate sectors. VLS is a portfolio company of investment firm I Squared Capital.
- Triumvirate Environmental acquired Pennsylvania-based Environmental Waste Minimization. The company, founded in 1995, has locations in Pennsylvania and California. It provides a range of waste transportation, disposal and remediation services, as well as field services, rapid responses and more. It works with a range of engineering, industrial, lab and municipal clients. Triumvirate is backed by private equity firm Berkshire Partners.
The waste and recycling industry's M&A activity has neared historic levels in recent years.
Collective M&A spending by the U.S. solid waste industry's publicly traded companies approached an estimated $3.3 billion in 2025, $10.9 billion in 2024, $4.2 billion in 2023 and $6.3 billion in 2022. This total does not include deals involving companies with private equity or infrastructure fund backing, which have become increasingly active in recent years.
This tracker’s lists for 2021-2023 focused on deals executed by companies that primarily provide municipal solid waste or recycling services in the United States. As of 2024, our list also includes environmental services transactions and all deals in Canada. Transactions involving significant investments, including minority stakes, may also be included.
We list acquirers or lead investors in alphabetical order by their parent company or common operating name, which may differ from the specific legal entities involved in the acquisitions. Please send feedback or tips to waste.dive.editors@industrydive.com.
