The acquisition is strategically complementary and accretive post-synergies, but the $470M cash/debt outlay increases leverage. Monitor the Q3 2026 earnings call for financing details and integration progress. The stock may trade on execution risk rather than the headline premium.
Price Chart
Executive Summary
Clean Harbors announced a definitive agreement to acquire EnviroServe for $470 million in cash, a bolt-on acquisition that expands its Environmental Services segment with 40 locations and ~$250 million in revenue. The deal is expected to close in H2 2026 and is projected to generate $25 million in cost synergies, yielding a post-synergy multiple of ~9x Adjusted EBITDA. While strategically sound, the acquisition adds debt and integration risk, and historical calibration data suggests prior bullish calls on CLH have underperformed, warranting a tempered score.
Key Facts
- Clean Harbors agreed to acquire EnviroServe for $470 million in cash.
- EnviroServe is expected to generate ~$27 million in annual Adjusted EBITDA on ~$250 million of revenue.
- Clean Harbors anticipates $25 million in cost synergies over two years, creating a post-synergy multiple of ~9x Adjusted EBITDA.
- The acquisition adds 40 locations, permits in 48 states, and a customer base with 85% recurring revenue.
- The transaction is expected to close in the second half of 2026, subject to regulatory approval.
- Clean Harbors plans to fund the acquisition through available cash and additional debt financing.
Financial Impact
$470 million cash acquisition; target generates ~$27M Adjusted EBITDA on ~$250M revenue; $25M in cost synergies expected
Risk Factors
- Integration risk: realizing the $25M in cost synergies is not guaranteed and may take longer than two years.
- Leverage increase: funding with cash and additional debt could pressure the balance sheet if revenue synergies are delayed.
- Regulatory approval: the H2 2026 close is subject to regulatory clearance, which could be delayed or conditioned.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0000822818-26-000037 |
| Document: enviroservepressrelease.htm | 0000822818-26-000037 |
| Document: 0000822818-26-000037-index-headers.html | 0000822818-26-000037 |
| Document: 0000822818-26-000037-index.html | 0000822818-26-000037 |
| Document: 0000822818-26-000037.txt | 0000822818-26-000037 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 14, 2026 7w ago | Insider Cluster | $321.98 $322.99 | ▲ +0.31% | ▲ +2.31% | $318.51 (−1.08%) |
Aug 12, 2026 7w ago | 8-K | $316.65 $320.94 | ▲ +1.35% | ▲ +3.25% | $318.51 (+0.59%) |
Jul 29, 2026 9w ago | 8-K | $326.34 $313.67 | ▼ −3.88% | ▼ −8.90% | $318.51 (−2.40%) |
May 14, 2026 20w ago | 8-K | $308.40 $287.78 | ▼ −6.69% | ▼ −5.83% | $318.51 (+3.28%) |
May 6, 2026 21w ago | 8-K | $287.98 $286.63 | ▼ −0.47% | ▼ −3.25% | $318.51 (+10.60%) |
Apr 10, 2026 25w ago | DEFA14A | $302.23 $282.37 | ▼ −6.57% | ▼ −15.10% | $318.51 (+5.39%) |
Mar 17, 2026 28w ago | Insider Cluster | $290.55 $296.00 | ▲ +1.88% | ▼ −2.42% | $318.51 (+9.62%) |
US Market Status
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