Recent Updates — CLH

Clean Harbors reported third-quarter results with revenues increasing 21% to a record $1.87 billion, driven by strong performance in both its Environmental Services and Safety-Kleen Sustainability Solutions segments. Net income rose 75% to $208.1 million, or $3.93 per diluted share, while Adjusted EBITDA grew 42% to $456.1 million with an expanded margin of 24.4%. The company raised its full-year 2026 guidance for both Adjusted EBITDA and adjusted free cash flow by $80 million at the midpoint. Concurrently, Clean Harbors announced that Eric Gerstenberg will become sole Chief Executive Officer on January 1, 2027, succeeding Mike Battles, who is retiring as Co-CEO and Board member at year-end after serving in a strategic advisory role throughout 2027. Clean Harbors operates as North America’s leading provider of environmental and industrial services.

Clean Harbors completed its previously announced acquisitions of EnviroServe and ES&H for a combined purchase price of $775 million. The transactions were financed using available cash and proceeds from a $600 million offering of 6.250% senior notes due 2034 issued on October 1, 2026. On a combined basis, the acquired entities are expected to generate approximately $340 million in annual revenues and $87 million in post-synergy Adjusted EBITDA, representing an acquisition multiple of 8.9 times. Clean Harbors is North America’s leading provider of environmental and industrial services.

Clean Harbors priced a $600 million private offering of senior notes due in 2034 at an interest rate of 6.250%, issued at par (100.000% of principal). The net proceeds will finance the acquisition of EnviroServe and repay revolving credit facility borrowings incurred for the ES&H acquisition, with any remainder used for general corporate purposes. The transaction is expected to close around October 1, 2026. Clean Harbors operates in the environmental and industrial services industry, providing hazardous waste management, emergency spill response, and recycling.

On August 12, 2026, Clean Harbors announced a definitive agreement to acquire EnviroServe for $470 million in cash from an affiliate of One Rock Capital Partners. The transaction is expected to close in the second half of 2026, subject to regulatory approval and customary conditions. EnviroServe operates a network of 40 locations across 48 states with approximately $250 million in annual revenues and $27 million in Adjusted EBITDA. Clean Harbors anticipates realizing $25 million in cost synergies within two years, resulting in a post-synergy acquisition multiple of approximately nine times Adjusted EBITDA. The company plans to fund the deal using available cash and additional debt financing. This acquisition expands Clean Harbors' environmental services footprint through EnviroServe's 10-day transfer facilities, rail cleaning capabilities, and specialized fleet.

Clean Harbors reported second-quarter 2026 results with revenue increasing 12% to a record $1.74 billion and net income rising 34% to $170.5 million, or $3.22 per diluted share. Adjusted EBITDA grew 22% to $409.0 million, expanding margins by 190 basis points year-over-year. The company announced a ten-year disposal contract with an estimated value of $600 million and entered into a definitive agreement to acquire ES&H for $305 million in cash to expand its Field Services business. Management raised full-year 2026 Adjusted EBITDA guidance by $110 million to a midpoint of $1.38 billion and adjusted free cash flow guidance by $30 million to a midpoint of $550 million. Clean Harbors operates in the environmental and industrial services industry, providing hazardous waste management, emergency response, and recycling services.