Q3 2024

Environmental Services M&A Update

In Q3, the NYSE Arca Environmental Services Index increased by 7.5% and outperformed the S&P 500, which increased by 5.3% over the same period.
The median EV/EBITDA multiple for reported private equity deals decreased to 3.6x in the first nine months of 2024 from 13.3x in 2023, and decreased for strategic deals to 8.1x from 15.1x in the prior year.
M&A deal volume in the Environmental Services sector increased 8.8% in Q3 to 148 deals from 136 deals in Q2, and increased 15.6% from 128 deals in Q3 of the prior year.
As a % of total capital invested in M&A transactions, PE participation decreased slightly in YTD Q3 to 48.8% from 49.2% in 2023.
North America was the most active region in Q3 with 68 deals. Most notably in North America was Colliers International’s $475.0 million acquisition of EnGlobe, a Quebec-based provider of soil and materials engineering services, in July 2024.