Q3 2025

Environmental Services M&A Update

In Q3, the NYSE Arca Environmental Services Index increased by 1.6%, but was outperformed by a 7.9% increase in the S&P over the same period.
The median EV/EBITDA multiple for reported strategic deals increased to 20.9x in YTD 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 13.3% in Q3 to 153 deals from 135 in Q2 and increased 3.4% from 148 deals in Q3 of the prior year.
As a % of total capital invested in M&A transactions, PE participation increased in YTD 2025 to 79.7% from 31.2% in 2024.
North America was the most active region in Q3 with 74 deals. Most notably in North America was Toyota Tsusho America’s $1.3 billion acquisition of Radius Recycling, a Portland-based provider of recycling services for ferrous and nonferrous metal, in July 2025.