The acquisition is immediately accretive to Clean Harbors' waste-handling network and cross-selling opportunity. Watch for integration updates on the next earnings call and potential margin expansion as synergies materialize. The 11.8x post-synergy multiple is attractive relative to Clean Harbors' own trading multiple.
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Executive Summary
Clean Harbors completed its $225M all-cash acquisition of Terra Nova Solutions, a regional hazardous waste services provider in the Carolinas. The deal adds five permitted sites, expects $45-50M annual revenue and ~$15M Adjusted EBITDA, with $4M in projected synergies yielding an 11.8x post-synergy multiple. The acquisition is funded from available cash and enhances Clean Harbors' Technical Services and Field Services businesses.
Key Facts
- Acquisition price: $225 million all-cash, funded with available cash
- Terra Nova expected to generate $45M-$50M annual revenue and ~$15M Adjusted EBITDA
- Estimated $4M of annual synergies after first full year, implying 11.8x post-synergy multiple
- Adds five permitted sites in the Carolinas with 35M gallons wastewater treatment and 85M+ gallons solidification capacity
- Includes 150 specialized trucks/tankers and 100+ employees
- Transaction closed on May 14, 2026
Financial Impact
$225M all-cash acquisition; expected $45-50M annual revenue and ~$15M Adjusted EBITDA; $4M annual synergies
Risk Factors
- Integration risk — Terra Nova's 100+ employees and five sites must be absorbed smoothly
- Synergy realization may fall short of the $4M estimate
- All-cash deal reduces balance sheet flexibility; no debt financing disclosed
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0000822818-26-000024 |
| Document: terranovapressrelease.htm | 0000822818-26-000024 |
| Document: 0000822818-26-000024-index-headers.html | 0000822818-26-000024 |
| Document: 0000822818-26-000024-index.html | 0000822818-26-000024 |
| Document: 0000822818-26-000024.txt | 0000822818-26-000024 |
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%) |
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