Q2 2024

Environmental Services M&A Update

In Q2, the NYSE Arca Environmental Services Index increased by 1.8% but was outperformed by the S&P 500, which increased 4.1% over the same period.
The median EV/EBITDA multiple in the Environmental Services industry for reported strategic deals decreased to 8.1x in 1H 2024, down from 15.1x in 2023. There were no reported EV/EBITDA multiples for private equity deals in 1H 2024.
M&A deal volume increased 3.3% in Q2 2024 to 136 deals from 132 deals in Q1, but decreased 6.8% from 146 deals in Q2 of the prior year.
As a % of total capital invested in M&A transactions in 1H 2024, PE participation increased to 56.4%, up from 49.2% in 2023.
Europe was the most active region in Q2 2024 with 61 deals. Most notably in the European market was FCC Medio Ambiente Holding’s $589.9 million acquisition of Urbaser’s UK Business in June 2024.