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Clean Harbor Flat on Buying HEPACO

Clean Harbors, Inc. (NYSE: CLH) has entered into a definitive agreement with Gryphon Investors to acquire HEPACO, a leading provider of specialized environmental and emergency response services in the Eastern United States, for $400 million in cash. The acquisition is expected to close in the first half of 2024, subject to regulatory approval and other customary closing conditions.

“HEPACO is a recognized leader in Field Services and its addition will accelerate the growth of our Environmental Services segment,” said Clean Harbors Co-CEO Eric Gerstenberg. “When providing emergency services, scale and rapid response capabilities are critical. HEPACO’s geographic footprint, trained personnel and equipment fleet will enhance our existing business, enabling us to gain efficiencies and offer an even broader range of solutions.”

Headquartered in Charlotte, North Carolina, HEPACO has more than 2,000 customers, which it services through more than 40 regional locations in 17 states. Its primary offerings include field services, environmental remediation and emergency response services.

On an adjusted basis, HEPACO is expected to generate full-year 2023 EBITDA of approximately $36 million on $270 million of revenues. Clean Harbors expects the acquisition to generate cost synergies of approximately $20 million after the first full year of operations, which equates to a post-synergy acquisition multiple of 7.1 times. Clean Harbors expects to fund the acquisition through available cash and the issuance of some additional debt financing.

CLH shares closed Monday at $171.22.