SEATTLE (Recycling Monster): Norwell, Massachusetts-headquartered waste management company, Clean Harbors announced that it has completed acquisition of environmental services firm Hazardous Environmental Products Abatement Company (HEPACO) from Gryphon Investors for $400 million.
The acquisition will bolster the company’s continued growth in environmental services segment. The addition of HEPACO, which services more than 2,000 customers in as many as 17 different states, is expected to contribute approximately $30 million in adjusted EBITDA to Clean Harbor’s results in 2024.
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The all-cash acquisition deal was signed between the companies in February 2024. HEPACO was acquired by the private equity firm Gryphon Investors in 2016. Since then, it has more than tripled its revenue and has completed seven add-on acquisitions. As of now, it serves regional locations stretching from the Eastern Seaboard to Chicago. Currently, HEPACO operates a fleet of over 900 vehicles and employs around 1,000 people.
Eric Gerstenberg, CEO, Clean Harbors noted that HEPACO is an ideal cultural fit with the company’s existing Field Services business. The deal has huge potential to deliver a strong margin improvement, he added. Furthermore, he welcomed HEPACO’s talented team to Clean Harbors.
