Q4 2025

Environmental Services M&A Update

In Q4, the NYSE Arca Environmental Services Index decreased by 1.2%, and was outperformed by a 2.0% increase in the S&P over the same period.
The median EV/EBITDA multiple for reported strategic deals in the Environmental Services sector increased to 20.9x in 2025 from 15.0x in the prior year, while no private equity multiples were reported during the period.
M&A deal volume in the sector increased 3.9% in Q4 to 159 deals from 153 in Q3 and increased 11.9% from 142 deals in Q4 of the prior year.
As a % of total capital invested in M&A transactions, PE participation increased in 2025 to 80.1% from 31.2% in 2024.
Europe was the most active region in the sector in Q4 with 70 deals. Most notably in Europe was Stellex Capital Management’s $314.5 million acquisition of Durr Industries, a German-based provider of environmental services for air pollution control.