Clean Harbors announced a definitive agreement to acquire Depot Connect International’s Industrial Services and Rail Services businesses for approximately $130 million. The deal covers five strategic locations in Ohio, Louisiana, and Texas and is expected to close in the first half of 2026, subject to customary closing conditions.
The acquisition expands Clean Harbors’ footprint in the transportation and logistics sector by adding waste handling, tank cleaning, and railcar cleaning services. DCI will continue to co‑locate with Clean Harbors at major facilities in Baton Rouge, Louisiana, and Pasadena, Texas, providing dedicated tank trailer cleaning and maintenance services while maintaining a partnership for transportation and wastewater treatment. The transaction is positioned to enhance Clean Harbors’ Technical Services and Field Services businesses, with the acquired operations projected to generate roughly $40 million in annual revenue and $11 million in adjusted EBITDA, valuing the deal at about a 12‑times EBITDA multiple.
"The businesses we are acquiring offer waste handling, tank cleaning and railcar cleaning, which is a great strategic fit for Clean Harbors," said Michael L. Battles, Co‑Chief Executive Officer. "We see a great strategic fit given their five locations in Ohio, Louisiana, and Texas." The acquisition aligns with Clean Harbors’ growth strategy of adding complementary capabilities that can be quickly integrated into its existing operations. "Our share repurchase program remains a core element in our capital allocation strategy, and we appreciate the support of our Board in expanding the program back to $600 million of availability," added Eric Dugas, Chief Financial Officer.
Clean Harbors’ Q4 2025 earnings, released on February 18, 2026, showed record revenue of $6.03 billion and record adjusted free cash flow of $509.3 million. The company’s Environmental Services segment delivered a 15‑quarter streak of expanding adjusted EBITDA margin, reflecting strong demand across diverse end markets. The acquisition is expected to build on that momentum by adding high‑margin industrial services and creating synergies across the company’s technical and field services segments.
Depot Connect International is divesting its Industrial and Rail Services businesses to sharpen its focus on its core depot network and specialized services. By selling these units, DCI can reinvest capital into its primary operations while still maintaining a partnership for transportation and wastewater treatment, ensuring continuity for existing customers.
The transaction underscores Clean Harbors’ commitment to expanding its environmental services portfolio and leveraging synergies across its field services and technical services segments, positioning the company to serve a broader suite of solutions for its existing customer base, including Fortune 500 firms.
The content on EveryTicker is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.