Q4 2023

Environmental Services M&A Update



  • The NYSE Arca Environmental Services Index increased by 9.0% in Q4, but was outperformed by the S&P 500, which increased 11.2% over the same period.
  • The median EV/EBITDA multiple in the Environmental Services industry for reported private equity deals decreased to 13.3x in 2023 from 44.5x in 2022 (based on limited data available). The median EV/EBITDA multiple for reported strategic deals increased to 15.1x from 15.0x over the same period.
  • M&A deal volume increased 22.7% in Q4 to 157 completed transactions from 128 in Q3, but decreased 6.5% from 168 deals in Q4 of the prior year.
  • As a % of total capital invested in M&A transactions in 2023, private equity participation decreased significantly to 49.2%, down from 73.0% in 2022.
  • North America was the most active region in Q4 with 77 deals. Most notably in the North American market was J.F. Lehman & Company‚Äôs $1.2 billion buyout of Heritage-Crystal Clean in October 2023.

Please view our Q4 2023 Environmental Services Industry M&A Update below:


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