Monthly M&A Insights for U.S Waste Industry – Sep
M&A activity in the U.S. waste management sector remained strong and directionally consistent in September 2025, recording 17 transactions and pushing the 2025 year-to-date total beyond 250 deals. While deal values were undisclosed, momentum held firm, signaling sustained confidence in regional consolidation, diversification, and compliance-led growth across the non-hazardous waste space. Corporate acquirers continued to dominate, executing 14 of the 17 deals, as strategic operators prioritized route density, vertical integration, and market access over new platform creation. Private equity involvement remained limited, with selective investments in scalable, tech-enabled waste and recycling platforms. The market’s tone reflected strategic discipline rather than exuberance, driven by the need for operating leverage and regulatory adaptability. Geographically, Texas, Pennsylvania, and Illinois emerged as clear M&A hotspots, supported by strong industrial bases, population growth, and pro-business frameworks. Activity also expanded in Oklahoma and North Carolina, reflecting continued interest in mid-market haulers, field service providers, and recycling operators pursuing multi-state growth. These transactions highlighted the sector’s shift toward regional dominance and integrated service networks. By industry, Non-Hazardous Waste accounted for all September transactions, extending its leadership streak through 2025 YTD. Within it, Industrial & Field Services once again topped the activity chart, followed closely by Recycling, underscoring ongoing investment in on-site operations, recovery systems, and circular material management. Hazardous and contaminated materials segments saw limited deal flow, focused primarily on specialized treatment and regulatory services. Across 2025 YTD, the M&A landscape continues to be defined by strategic consolidation, ESG-aligned service models, and data-driven operational upgrades. Buyers are targeting assets that deliver scalability, regulatory resilience, and environmental performance, while sellers leverage high demand for integrated service capabilities. As the year advances, non-hazardous, industrial, and recycling services are expected to remain at the core of deal activity, reaffirming the sector’s evolution toward sustainable, technology-enabled growth.
M&A Quarterly: Market Insights & Q4 2024 Trends
Espalier’s M&A Quarterly delivers data-driven insights on the latest mergers and acquisitions shaping the environmental services industry. Each edition highlights key deals, emerging investment themes, and strategic shifts, helping companies identify growth opportunities, assess competitive moves, and refine their acquisition strategies. Q4 2024 Executive Summary The final quarter of 2024 saw heightened deal activity in the environmental services sector, driven by consolidation in waste management, hazardous materials processing, and sustainability-driven investments. Strategic acquirers prioritized expanding regulated waste capabilities, strengthening urban market presence, and enhancing circular economy initiatives. Key Insights from Q4 2024: Stay ahead with Espalier’s AI-powered intelligence—transforming fragmented deal data into strategic foresight. M&A Quarterly – Q4 2024 (6 pages)