Mergers and Acquisitions


  • Aerial view of a recently expanded cell at the Murray County Landfill in Georgia.
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    Permission granted by Capital Waste Services
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    Waste and recycling is now a $100B industry, report says

    The industry continued to see consolidation among public companies, especially in disposal activities, in 2024.

    By March 21, 2025
  • Aerial view of a large industrial shed taken with the sun low in the horizon. Agricultural fields are visible in the background.
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    Courtesy of Divert
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    Divert announces 3rd C-suite appointment of 2025

    The company is in the midst of permitting and growing new facilities in multiple states to achieve its vision of a national anaerobic digestion network. CEO Ryan Begin said the hires would help Divert meet that goal.

    By March 18, 2025
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    Tomohiro Ohsumi via Getty Images
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    Toyota subsidiary to acquire Radius Recycling in $907M deal

    The deal is expected to expand Toyota’s closed loop system for materials like steel, precious metals and batteries used by automotive manufacturers. 

    By March 17, 2025
  • A truck with Stericycle branding sits among cars on the road with a tall office building behind it.
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    Jacob Wallace/Waste Dive
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    WM eyes growth from healthcare trends as it integrates Stericycle

    WM sees future healthcare trends, such as the growth of at-home healthcare, as a business opportunity as it works to ramp up Stericycle’s McCarran incinerator and plans a rebrand, said Rafa Carrasco.

    By March 17, 2025
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    (2025). [photo]. Retrieved from PPL Group.
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    Texas MRF operator for sale amid $8M loan dispute, possible asset liquidation

    Independent Texas Recyclers, which once served some 1 million Houston households, allegedly missed payments on equipment and later discontinued operations.

    By March 7, 2025
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    Courtesy of Interstate Waste Services
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    Interstate Waste Services opens $30M MRF to take on NYC commercial volumes

    IWS designed the MRF to accommodate specific volumes from New York City’s commercial waste zones, while also allowing the company to internalize volumes it once sent to other recyclers.

    By March 5, 2025
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    Permission granted by LRS
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    LRS sells its Wisconsin assets to GFL Environmental

    LRS will exit the Wisconsin market, including a MRF contract, to focus on organic growth in its other core regions, CEO Matt Spencer said. The company also sold a small business in Illinois.

    By March 4, 2025
  • A demonstration hauler with GFL's logo outside a conference center
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    Jacob Wallace/Waste Dive
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    What’s next for GFL after environmental services deal closes

    Executives discussed a variety of moves that may reshape the company, including re-domiciling in the U.S. and ramping up M&A. GFL is now targeting more than $3 billion in EBITDA (Canadian) by 2028.

    By March 3, 2025
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    Anton Novikov via Getty Images
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    Major public waste companies spent nearly $11B on M&A in 2024

    WM drove major spending with its $7.2 billion Stericycle deal in 2024. Republic Services, Waste Connections, GFL Environmental and Casella Waste Systems also completed numerous deals during the year.

    By , , March 3, 2025
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    Courtesy of Rumpke Waste & Recycling
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    Q&A

    Rumpke CEO: ‘Our growth has been dramatic.’

    Bill Rumpke Jr. noted a busy 2024 for acquisitions and infrastructure investments led to $1.2 billion in revenue. He previewed more hiring, employee training and tech investments for 2025.

    By Feb. 25, 2025
  • A person wearing a jacket with "EPA" emblazoned on the back meets outside a tent with a worker wearing high-visibility clothes and a helmet.
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    [Photograph]. Retrieved from U.S. Environmental Protection Agency.
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    Zeldin begins remaking EPA amid workforce changes

    Federal officials are beginning to implement executive orders related to workforce reduction. Meanwhile, the administration also announced antitrust and climate updates.

    By Feb. 24, 2025
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    Permission granted by Clean Earth/Harsco Corporation
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    Enviri changes board, amends credit facilities as steel prices slump

    The company is working to complete unfavorable rail contracts and expects its finances to improve in 2025. Executives plan to offset impacts from a weak steel market with continued growth in Clean Earth.

    By Feb. 21, 2025
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    Anton Novikov via Getty Images
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    Q4 earnings results for major waste and recycling companies in 2024

    Follow the latest results from WM, Republic Services, Waste Connections, GFL Environmental, Casella Waste Systems, Clean Harbors and Enviri.

    By Waste Dive Staff • Updated Feb. 25, 2025
  • Bales of plastic go down a conveyor belt at Republic's Las Vegas Polymer Center
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    Courtesy of Republic Services
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    Republic targets $1B in M&A for 2025 after closing a major deal

    The company kicked off the year with the acquisition of Shamrock Environmental. On Republic’s Feb. 13 earnings call, executives said investments in the company’s fleet and recycling will continue.

    By Feb. 14, 2025
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    Cole Rosengren/Waste Dive
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    Casella notes landfill volume internalization and further acquisitions as key for 2025

    CEO John Casella said the company “finished the year strong” by growing revenue by about 20%. The company also upgraded a MRF in Connecticut and is slowly ramping up volume at a rail-served Pennsylvania landfill.

    By Feb. 14, 2025
  • Waste Connections truck on display at WasteExpo 2022
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    Maria Rachal/Waste Dive
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    Waste Connections touts ‘extraordinary year’ of acquisitions, EBITDA growth

    Waste Connections officials previewed more M&A activity into Q1 and Q2 of 2025, but also noted ongoing costs and regulatory obligations from closing the Chiquita Canyon Landfill.

    By Feb. 13, 2025
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    Jon Cherry via Getty Images
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    Rubicon shareholders allege they’re owed millions due to ownership shift

    The dispute hinges on a transaction last year in which shareholder Jose Miguel Enrich gained a controlling interest in Rubicon. The company has also taken steps to deregister securities and cease public financial reports this year.

    By Feb. 12, 2025
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    Lawrence Glass via Getty Images
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    Waste M&A trends to watch in 2025

    Deal advisors and analysts weigh in on how regulatory changes and private equity investment could play out in the sector.

    By Feb. 12, 2025
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    Permission granted by Brian Paganini/Quantum Organics
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    Closed Loop continues growth with new investment, organics acquisition

    Closed Loop announced new funding from Capricorn. Meanwhile, CEO Ron Gonen said Circular Services is expanding into organics with its acquisition of North America’s longest continually operating digester.

    By Feb. 10, 2025
  • A VW Double Cab with the words "Compost Stuff" and the "Save That Stuff" logo
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    Permission granted by Save That Stuff
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    Casella acquires longtime Boston recycler Save That Stuff

    Save That Stuff, founded in 1990, comes with a collection fleet and a recycling facility. The company exited a joint venture arrangement to service Boston’s curbside organics program ahead of the transaction.

    By Feb. 4, 2025
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    Megan Quinn/Waste Dive
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    The waste and recycling industry outlook for 2025

    EPR implementation, organics requirements, bottle bill updates, PFAS regulation, federal tax credits and M&A are all expected to be key topics for the year ahead.

    By Waste Dive Staff • Jan. 31, 2025
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    Brandon Bell via Getty Images
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    WM reports margin milestones for Q4, focuses on Stericycle integration in 2025

    WM expects synergies from the Stericycle deal to be about $250 million over a three-year period, with about $100 million of that in 2025. It also expects to complete more RNG facilities this year.

    By Jan. 30, 2025
  • Side view of a white box truck with the Triumvirate Environmental logo
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    Permission granted by Triumvirate Environmental
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    Triumvirate Environmental confirms private equity investment

    Berkshire Partners’ investment values the Massachusetts-based environmental services company at $1.8 billion and marks the latest example of growing interest in the sector. 

    By Updated Feb. 4, 2025
  • Recyclables in a blue RTS bin on the curb of a New York City street
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    Permission granted by Clare Miflin
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    RTS raises $40M, sues investor K1 over alleged takeover plan

    The waste broker and tech company’s latest funding round, led by Edison Partners, is described as a way to keep growing the business. It comes days after a lawsuit alleging interference by K1 Investment Management.

    By , Updated Jan. 24, 2025
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    Bo Shen via Getty Images
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    Stericycle to pay $9.5M penalty for RCRA violations by former hazardous waste business

    The U.S. EPA and DOJ said Stericycle lost track of hazardous waste shipments or failed to document them for years, until the business unit was sold in 2020. It could be one of the largest civil penalties ever paid for RCRA violations.

    By Jan. 21, 2025