1、Environmental ServicesSECTOR UPDATE I Q4 2022E N E R G Y,P O W E R&I N F R A S T R U C T U R E|B U S I N E S S S E R V I C E SRollout of Federal FundingThe first half of 2022 marked the release of numerous requirements,guidance documents,and general playbooks for how funds from the bipartisan Infras

2、tructure Investment Jobs Act(“IIJA”)will be awarded and usedSince July,billions of dollars in federal funding has been awarded to various focus sectors outlined in the IIJA,including transportation infrastructure,ports,water infrastructure,EV infrastructure,and disaster relief programsFor environmen

3、tal services companies,the federal funding is a source of continued growth,while investors remain active as they look to participate in the industrys significant secular tailwindsManufacturing and Recycling StandardsThe U.S.energy grid is becoming increasingly complex,creating an increasing stream o

4、f waste from solar panels,wind turbine parts,and other components of distributed energy resourcesParticularly,recyclers reported that the volume of solar panels marked for recycling will continue to rise alongside increasing U.S.demand for solar energy as a record 28.8 million kilowatts of solar pan

5、els shipped in 20211Growth in renewable energy highlights the importance of extended producer responsibility programs,where it is anticipated that recycling standards will shape how recyclers manage materials and how manufacturers can incorporate recycling into manufacturing processesKey Themes1Inte

6、rest RatesIn September,the Fed raised benchmark interest rates by three-quarters of a percentage point and indicated it will continue hiking rates well above the current levelThe Fed sees higher interest rates,slower growth,and softer labor market conditions as the catalyst to bring down inflation,b

7、ut also recognizes the corresponding pain that households and businesses will experienceIn order to achieve price stability,a sustained period of below-trend growth may ensue,and businesses will need to make strategic organic and inorganic investments to achieve outsized growthCreative Business Part

8、nershipsDemand for highly technical environmental services has led to creative partnerships to address complex issues and unique project demandsRecently announced joint ventures allow companies to combine technical expertise to win high-value contracts and protect companies from legal ramificationsA

9、ECOM announced a joint venture with the environmental consulting firm EnSafe to deliver architecture and engineering services for the Comprehensive Long-Term Environmental Action Navy(CLEAN)programIn the EV sector,joint ventures are a key theme as car manufacturers partner with battery manufacturing

10、 and recycling companies to protect OEMs from legal precautions and ensure quality products for end consumersM&APublic waste companies have spent$4 billion on M&A so far in 20221Waste Management announced plans to increase its level of M&A spending,while Republic Services,Waste Connection,GFL Enviro

11、nmental,and Casella Waste Systems remain activeOverall,acquisition activity remains high for the U.S.waste and recycling industrys publicly traded companies,while there are fewer mergers of significant size given consolidation trends and antitrust factorsNumerous deals in the privately owned or priv

12、ate equity-backed space have been announced so far in 2022,and it is expected that M&A momentum will continue throughout the remainder of the year1.Source:WasteDiveE N E R G Y,P O W E R&I N F R A S T R U C T U R E|B U S I N E S S S E R V I C E SAT&T Is Using Amphibious Vehicles,Drones,and More to Re

13、store Its Network During DisastersWith an expansive telecommunications network,smartphones in practically every pocket,and billion-dollar weather and climate disasters on the rise,AT&T has spent over$650 million in the U.S.building up the Network Disaster Recovery(“NDR”)programBoth T-Mobile and Veri

14、zon have their own disaster response initiatives,making it clear that the telecom giants are aware of how imperative network connectivity is when dealing with natural disastersProviding connectivity saves lives by making it easier for first responders and emergency response companies to communicate

15、with each other and,more importantly,provides people in danger a means to reach out for helpTechnological advancement in the form of communications technology and vehicle technology is a key focal point for emergency response companies as the need for their services becomes more frequentEngadgetEPA

16、Awards$1.3B for Water Infrastructure Projects in 18 StatesThe U.S.Environmental Protection Agency has awarded more than$1.3 billion to 18 states using funds provided in the federal Infrastructure Investment and Jobs Act for water infrastructure improvements focused on drinking water and clean water

17、projectsThe funds are the first installment of nearly$44 billion geared toward water infrastructure projects that the agency will distribute to states,territories,and tribes over the next five yearsPennsylvania received the highest funding among the 18 states to the tune of$240 million to fund dozen

18、s of projects,including separating storm sewers from existing sanitary sewers,building replacement water treatment plants,and rehabilitating 100-year-old sewer pipesThe EPA will continue to award funds on a rolling basis as states receive approval,creating significant opportunity for firms across th

19、e various environmental services market sectorsEngineering News-RecordWaste Management Buys Central Virginia Hauler and Recycler in Latest Sign of M&A ReturnWaste Management announced the acquisition of Green Earth,a waste and recycling company that offers commercial and residential collection servi

20、ces,container rentals,and recycling throughout the Shenandoah ValleyWaste Managements acquisition spending has been muted since its 2020 purchase of Advanced Disposal Services,but executives recently previewed plans to ramp back up the companys M&A activityIn support of Waste Managements ramp in M&A

21、 spend,the company also completed the much larger acquisition of Indiana-based Rays Trash Service,the largest family-owned recycling and waste collection operation in central IndianaThe two recent acquisitions are an important indicator for where large waste and recycling companies are focused,given

22、 that M&A has been a longstanding strategy to fuel growth for companies in the sector Waste DiveBattery Recycling Race Heats Up After Inflation Reduction ActThe Inflation Reduction Act(“IRA”),effective August 2022,added momentum to the electric vehicle sector by tying electric-car tax credits for co

23、nsumers to how much battery material comes from domestic production and recycling or U.S.trade partnersThe additional incentives included in the IRA highlight the U.S.governments ongoing focus on supporting electric vehicle infrastructure as billions of dollars were made previously available to batt

24、ery startups through 2021s infrastructure bill and Energy Department loansBattery recycling companies have benefited from significant investment,as nearly all new mines and processing facilities in the U.S.face local opposition due to worries about environmental damageAs recyclers jockey for large c

25、ustomers,securing metals and materials near plant sites is vital to scaling production and lowering emissions as companies compete to win in a relatively nascent sectorWSJWhat Were Reading2E N E R G Y,P O W E R&I N F R A S T R U C T U R E|B U S I N E S S S E R V I C E SSelect Environmental Services

26、M&A TransactionsAegion Corporation Acquires Next Level EnvironmentalICF,a global consulting and digital services provider,announced it has acquired Blanton&Associates,an environmental consulting,planning,and project management firm that supports a variety of infrastructure projects in key markets.Fo

27、r many years,ICF and Blanton&Associates have partnered successfully on water and habitat conservation planning projects,creating a strong business alignment to go to market as an industry-leading service provider in the transportation,energy,and water sectors.Announced September 2022Announced August

28、 2022Announced September 2022Announced August 2022Announced August 2022Aurora Capital Partners Completes Acquisition of Sharps Compliance Corp.Aurora Capital Partners announced that it has completed the acquisition of Sharps Compliance Corp.,a full-service national provider of comprehensive waste ma

29、nagement solutions including medical,pharmaceutical,and hazardous waste.The transaction marks the fifth Aurora investment specifically within the medical waste management space and follows a number ofrecent investments in the environmental services sector.I Squared Capital Completes Acquisition of V

30、LS Environmental SolutionsAurora Capital Partners announced the closing of its previously announced sale of VLS Environmental Solutions,a leading provider of mission-critical,customized waste,specialty cleaning,and repair services to a variety of highly regulated industries across North America,to I

31、 Squared Capital.I Squared will assist VLS in its next phase of growth by continuing to build out the companys unique service offering,geographic reach,and strong customer value proposition.Altamont Capital Partners Invests in Nutrition 101,Inc.Aegion,a portfolio company of New Mountain Capital,anno

32、unced it has acquired Next Level Environmental,a leading professional services firm providing technology-enabled water solutions.Next Level Environmentals assets and employees will now operate as part of Insituform,an Aegion portfolio company,to capitalize on the significant growth opportunity in th

33、e trenchless market.ICF Acquires Blanton&AssociatesAltamont Capital Partners announced an equity investment in Nutrition 101,a leading provider of eco-friendly waste management services for regional,national,and global food manufacturers seeking end-to-end waste management solutions that reflect the

34、ir own sustainability goals.Altamonts investment will allow Nutrition 101 to continue providing best-in-class responsible waste management services,reach new customers,and expand its geographic footprint.3E N E R G Y,P O W E R&I N F R A S T R U C T U R E|B U S I N E S S S E R V I C E S22512114111819

35、1079PlatformTuck-in2254122219131320182019202020212022PlatformTuck-inInsight Into Strategic M&A Activity4Select Strategic Environmental Services Investments Since 202111.Source:CapIQTargetsAcquirers20212022Strategics Highly Focused on Tuck-In Acquisitions1(2018-2022 Tuck-In vs.Platform Acquisitions)(

36、2018-2022 Aggregate Acquisition Type by Buyer)Jewells Disposal ServiceE N E R G Y,P O W E R&I N F R A S T R U C T U R E|B U S I N E S S S E R V I C E SSelect Recent Public Market Commentary51.Source:CapIQ“We havent seen anything in our pipeline that would suggest there is any type of slowdown.The pi

37、peline is just as full as it was 6,9 months ago.So again,Im really bullish about the future.But one thing that maybe investors dont realize is the waste in our network,our deferred revenue,where waste we picked up at a customer site,thats making its way through our network to ultimately be disposed.

38、The leadership team has put great thought into decisions around capital allocation.That could be through M&A,that could be through capital spend,were building a new incinerator in Western Nebraska,and so,I feel like its ROIC-driven decisions,and I think thats been paying off.”-Michael Battles,Execut

39、ive VP&CFO,September 22,2022Clean Harbors remains bullish on the environmental services business and company leadership remains focused on driving sustained growth through ROIC-driven decisions.Looking ahead,Republic Services is focused on pricing in excess of cost inflation and the realization of s

40、ynergies from the US Ecology deal.As part of GFLs high-velocity M&A strategy,the company noted that its M&A pipeline remains deep,and that small tuck-ins continue to help build route density.CompanyKey TakeawayPresentation&Earnings Call Excerpts1Montrose continues to experience strong organic growth

41、 due to compelling sector tailwinds,including regulations and federal funding.“We also continue to execute on our M&A strategy,completing 28 acquisitions year-to-date,representing approximately$360 million of incremental annualized revenue.The acquisitions we completed in Q2 other than Spring Waste

42、were all small tuck-ins that continue to densify our footprint.The M&A environment remains attractive,and our pipeline is deep and continues to grow through accretive opportunities.”-Patrick Dovigi,Founder,Chairman,President&CEO,July 28,2022“When we looked at our guidance at the end of last year for

43、 this year,candidly,weve been a little surprised on the continued surge in organic growth,which is really a function of some of the regulations that have come our way,that have benefited us,the Inflation Reduction Act,on the methane side where we are one of the leaders.PFAS,our technology has really

44、 ramped up in a compelling way on the water side.And then,weve also been a little bit surprised by adoptions around some of the renewables and the natural gas side.”-Vijay Manthripragada,President,CEO&Director,September 15,2022“We clearly have momentum on the pricing side.Obviously,were putting out

45、more price than we ever have on the open market side and retaining at a higher percentage than we ever have,which I think is a function of both the macro economy,inflation,and all costs going up for customers as well as the fact that we continue to differentiate our service offering and provide some

46、thing unique in the marketplace.Really next year is more about pricing in excess of cost inflation and the realization of synergies with the US Ecology deal.-John Vander Ark,President,CEO&Director,August 4,2022E N E R G Y,P O W E R&I N F R A S T R U C T U R E|B U S I N E S S S E R V I C E SU.K.Waste

47、 Business50%100%150%200%Sep-21Nov-21Jan-22Mar-22May-22Jul-22Sep-22S&P 500Diversified Waste Management&Recycling50%100%150%200%Sep-21Nov-21Jan-22Mar-22May-22Jul-22Sep-22S&P 500Solid Waste Management&RecyclingPublic Market Observations1SOLID WASTE MGMT.&RECYCLINGKey Public CompsStock Price Performance

48、Market ObservationsTransaction SpotlightMay 2,2022Like other industries,the waste and recycling industry has experienced tight labor availability,rising fuel costs,and significant equipment delays.As major companies have cut their 2022 guidance,waste companies almost universally raised their 2022 gu

49、idance.Industry leaders point to waste volume trends,price increase acceptance,wage rates,and experience with past downturns as signs of resilience for the industry.RECESSION OR NOT,WASTE AND RECYCLING COMPANIES SAY OUTLOOKS REMAIN STRONGEnterprise Value/2021 EBITDA19.3x2022E EBITDA19.1xSPECIALTY SE

50、RVICESKey Public CompsOctober 3,2022The CEO of Cyclyx,a consortium business model aimed at increasing recycling of post-use plastic,said waste companies and MRF operators could play a key role in a transition in chemical recycling.Plastic recycling rates are low due to collection and processing infr

51、astructure lacking the capability to handle the full spectrum of plastic products.Alignment between waste and petrochemical companies will be a key first step in the nascent industry.VEOLIA ANNOUNCES AGREEMENT TO SELL SUEZS UK WASTE BUSINESS TO MACQUARIE FOR 2.4BNEnterprise Value/2021 EBITDA13.3x202

52、2E EBITDA12.6xStock Price PerformanceTransaction SpotlightMarket ObservationsENVIRO.TESTING&ANALYTICAL SERVICESKey Public CompsSeptember 6,2022Montrose Environmental Group announced the acquisition of AirKinetics,a leader in emissions testing services in the Western U.S.AirKinetics has been a leadin

53、g provider of emissions testing services to various industry and government partners since the 1990s.The transaction strengthens Montroses stack testing and emissions capabilities on the West Coast,which is home to some of the strictest local and state regulations in the country.MONTROSE ENVIRONMENT

54、AL ACQUIRES AIRKINETICS,INC.,EXPANDING EMISSIONS TESTING CAPABILITIES IN THE WESTEnterprise Value/2021 EBITDA15.9x2022E EBITDA10.3xStock Price PerformanceTransaction SpotlightMarket Observations6Stock Price PerformanceDIVERSIFIED WASTE MGMT.&RECYCLINGKey Public CompsWaste Management agreed to acquir

55、e a controlling interest in AvangardInnovatives U.S.business,which will operate as Natura PCR.Natura PCR is expected to grow and scale quickly to produce an estimated 400 million pounds per year of post-consumer resin in five years.The transaction allows WM to deliver new recycling capabilities for

56、its customers and provide circular solutions for plastic products.WM TO ACQUIRE CONTROLLING INTEREST IN AVANGARD INNOVATIVES U.S.BUSINESSEnterprise Value/2021 EBITDA16.1x2022E EBITDA12.6xSeptember 13,2022Transaction SpotlightMarket ObservationsHAZARDOUS WASTE/INDUSTRIAL CLEANINGKey Public CompsStock

57、 Price PerformanceAugust 8,2022Veolia announced the execution of a unilateral put agreement whereby Macquarie Asset Management acquired Suezs Recycling and Recovery UK Group for 2.4 billion.The transaction effectively addresses the main concerns of the UK Competition and Markets Authority regarding

58、the Veolia and Suez merger.Additionally,almost all the antitrust divestitures have been finalized less than a year after the acquisition of Suez.WHERE CYCLYX,EXXONMOBIL,MCKINSEY AND CASELLA SEE CHEMICAL RECYCLING GOING NEXTEnterprise Value/2021 EBITDA11.2x2022E EBITDA10.3xTransaction SpotlightMarket

59、 Observations1.Source:CapIQ50%100%150%200%Sep-21Nov-21Jan-22Mar-22May-22Jul-22Sep-22S&P 500Hazardous Waste/Industrial Cleaning50%100%150%200%Sep-21Nov-21Jan-22Mar-22May-22Jul-22Sep-22S&P 500Specialty Services50%100%150%200%Sep-21Nov-21Jan-22Mar-22May-22Jul-22Sep-22S&P 500Environmental Testing&Analyt

60、ical ServicesE N E R G Y,P O W E R&I N F R A S T R U C T U R E|B U S I N E S S S E R V I C E SPublic Market Observations1RESOURCE RECOVERY&E-WASTEKey Public CompsStock Price PerformanceCOMMERCIAL METALS COMPANY ACQUIRES ADVANCED STEEL RECOVERYEnterprise Value/2021 EBITDA5.2x2022E EBITDA4.2xTransacti

61、on SpotlightREMEDIATION,CONSULTING&ENG.Key Public CompsStock Price PerformanceTransaction SpotlightJuly 7,2022Tetra Tech announced it has expanded its digital water practice with the acquisition of the Integration Group of Americas(TIGA),a leader in process automation and systems integration solutio

62、ns.The acquisition provides Tetra Techs digital water practice with industry-leading software engineers,digital automation integrators,and advanced data analytics consultants.Enterprise Value/2021 EBITDA16.1x2022E EBITDA14.1xWATER EQUIPMENT&CHEMICALSKey Public CompsStock Price PerformanceDANAHER ANN

63、OUNCES INTENTION TO SEPARATE ENVIRONMENTAL&APPLIED SOLUTIONS SEGMENTEnterprise Value/2021 EBITDA23.4x2022E EBITDA19.4xTransaction SpotlightSeptember 13,2022WATER UTILITIES&SERVICESKey Public CompsStock Price PerformanceCAL WATER COMMENDS GOVERNOR NEWSOMS SIGNATURE ON IMPORTANT WATER CONSERVATION BIL

64、L SB 1469Enterprise Value/2021 EBITDA16.5x2022E EBITDA14.0 xTransaction SpotlightSeptember 16,2022September 15,20227Market ObservationsMarket ObservationsMarket ObservationsMarket ObservationsBill SB 1469,which makes permanent a proven program that encourages Californians to reduce their water use a

65、nd help keep water bills low for all consumers,was recently signed by Governor Newsom.The bill had broad support among business,consumer,labor,and environmental groups as well as low-income advocates and local governments.Danaher Corporation announced its intention to separate its Environmental&Appl

66、ied Solutions segment to create an independent,publicly traded company.The transaction is expected to be completed in the fourth quarter of 2023.The new company will be referred to as“EAS”until it is named at a later date and will comprise Danahers Water Quality and Product Identification businesses

67、.As part of Commercial Metals Companys strategic expansion in the Western U.S.,the Company acquired Advanced Steel Recovery(ASR).ASR is a leading supplier of recycled ferrous metals,located in Southern California.Commercial Metals Company remains on track to open two micro mills in Arizona in 2023,a

68、nd ASRs capabilities will ensure the two mills have reliable access to vital raw materials.1.Source:CapIQ50%100%150%200%Sep-21Nov-21Jan-22Mar-22May-22Jul-22Sep-22S&P 500Remediation,Consulting,&Engineering50%100%150%200%Sep-21Nov-21Jan-22Mar-22May-22Jul-22Sep-22S&P 500Resource Recovery&E-Waste50%100%

69、150%200%Sep-21Nov-21Jan-22Mar-22May-22Jul-22Sep-22S&P 500Water Equipment&Chemicals50%100%150%200%Sep-21Nov-21Jan-22Mar-22May-22Jul-22Sep-22S&P 500Water Utilities&ServicesWarring Water ServicesTETRA TECH EXPANDS DIGITAL WATER AND ENERGY PRACTICES WITH THE ACQUISITION OF TIGAE N E R G Y,P O W E R&I N

70、F R A S T R U C T U R E|B U S I N E S S S E R V I C E S70.7%27.7%8.1%(31.3%)11.1%56.5%68.4%28.5%(5.5%)(4.2%)(6.9%)(15.5%)(37.1%)(43.2%)(10.7%)(7.5%)(22.9%)(19.3%)1-Year Performance3-Year Performance16.5x14.5x9.3x12.1x13.4x13.0 x4.7x19.8x14.9x15.8x14.2x7.2x9.8x10.0 x12.4x4.5x16.5x15.0 xSolid WasteMgm

71、t.&RecyclingDiversified WasteMgmt.&RecyclingHazardous Waste/IndustrialCleaningSpecialtyServicesEnviro.Testing&AnalyticalServicesRemediation,Consulting,&EngineeringResourceRecovery&E-WasteWater Equipment&ChemicalsWater Utilities&ServicesNTM 2021NTM 202218.7x15.4x10.4x14.7x15.4x17.0 x5.7x22.8x15.8x17.

72、9x15.8x10.1x11.5x11.8x14.5x4.3x18.8x14.5xSolid WasteMgmt.&RecyclingDiversified WasteMgmt.&RecyclingHazardous Waste/IndustrialCleaningSpecialtyServicesEnviro.Testing&AnalyticalServicesRemediation,Consulting,&EngineeringResourceRecovery&E-WasteWater Equipment&ChemicalsWater Utilities&ServicesLTM 2021L

73、TM 2022NTM EBITDA Multiple Comparison Q1 2021 vs.Q1 2022Public Valuation Multiples by Sector1Stock Performance(1-&3-Year)LTM EBITDA Multiple Comparison Q1 2021 vs.Q1 2022Water Utilities&ServicesWater Equipment&ChemicalsResource Recovery&E-WasteRemediation,Consulting&Eng.Enviro.Testing&Analytical Ser

74、vicesSpecialty ServicesHazardous Waste/Industrial CleaningDiversified Waste Mgmt.&RecyclingSolid Waste Mgmt.&Recycling81.Source:CapIQE N E R G Y,P O W E R&I N F R A S T R U C T U R E|B U S I N E S S S E R V I C E S9/28/2022USA EnvironmentU.S.-based specialized environmental remediation and industria

75、l services provider.ENTACT(J.F.Lehman&Company)9/27/2022BiffaU.K.-based waste management company providing surplus redistribution,recycling,treatment,energy generation,collection and disposal services.Energy Capital Partners9/20/2022XylemU.S.-based provider of vegetation management and emergency stor

76、m response services.Sterling Investment Partners9/19/2022LJP Waste SolutionsU.S.-based regional provider of non-hazardous solid waste and recycling services.Nonantum Capital Partners9/14/2022Applied GeographicsU.S.-based full-service geospatial IT consulting firm.The Sanborn Map Company9/13/2022Risk

77、methodsGermany-based software company specializing in supply chain risk management.Sphera(Blackstone)9/13/2022Natura PCRU.S.-based company focused on the mechanical recycling of film and flexible plastics.Waste Management9/7/2022Nutrition 101U.S.-based provider of eco-friendly waste management servi

78、ces for regional,national,and global food manufacturers seeking end-to-end waste management solutions.NCI Gestion;BTP Capital9/7/2022Titan CloudU.S.-based environmental compliance,advanced fuel analytics,and facility management software firm.Charlesbank Capital9/6/2022AirKineticsU.S.-based provider

79、of emissions testing services in the Western U.S.Montrose Environmental(Oaktree)9/1/2022Blanton&AssociatesU.S.-based environmental consulting,planning,and project management firm.ICF8/29/2022Biologic Environmental Services and Waste SolutionsU.S.-based waste services firm.Covanta(EQT)8/29/2022BEM Sy

80、stemsU.S.-based consulting,engineering,and information management firm.Environmental Systems Group(Bernhard Capital Partners)8/25/2022Tank and Pump business of WillScot Mobile MiniU.S.-based provider of equipment for storing,separating,and transportation of liquid and solid industrial waste for prim

81、arily chemical facilities and refineries,and to a lesser extent,O&G E&P companies.Kinderhook Industries8/23/2022Next Level EnvironmentalU.S.-based underground and vacuum excavation services provider.Aegion(New Mountain Capital)8/21/2022Earth SystemsU.S.-based environmental engineering and consulting

82、 firm.Palm Beach Capital8/18/2022Daves SanitationU.S.-based,regional solid waste collection and disposal company.Whitecap Waste(Mollitiam Holdings)8/10/2022Airborne ImagingCanada-based LiDAR acquisition company.Barr GeoSpatial Solutions(24/6 Capital Partners)8/4/2022TriAD Environmental ConsultantsU.

83、S.-based environmental consulting services firm providing solid waste permitting and compliance,environmental regulatory compliance,air permitting services,and other technical services.Montrose Environmental Group(Oaktree)8/2/2022Aquatronic Group ManagementU.K.-based,local provider of cold-water boo

84、sting installation and maintenance services.Stuart Turner(Epiris)8/1/2022SocamexWater division of Urbaser providing municipal waste services,street and beach cleaning,management of landscaped areas,waste treatment,waste disposal,water management,and other related services.Aqlara(Quaero Capital)7/29/

85、2022Arrow Inc.U.S.-based provider of roll-off container and waste hauling services.Carrs Hill Partners7/28/2022Waste Away SystemsU.S.-based environmental services company offering a diverse range of waste removal services for commercial and residential customers.Win Waste Innovations7/20/2022VLS Env

86、ironmental SolutionsU.S.-based environmental services company providing mission-critical,customized waste,specialty cleaning,and repair services to a variety of highly regulated industries in North America.I Squared CapitalSelect Recent M&A TransactionsDateTargetTarget DescriptionAcquirer9E N E R G

87、Y,P O W E R&I N F R A S T R U C T U R E|B U S I N E S S S E R V I C E SLeading provider of outsourced water infrastructure operations and management servicesGLOBAL M&A ADVISORWith Robust Experience Across the Globe1 0 I N D U S T R Y G R O U P SProviding Award-Winning M&A Advisory Services3 D E C A

88、D E SBringing Firmwide Dedication to Every Engagement 1 U N I F I E D T E A MHarris Williams OverviewSolid Waste Mgmt.&RecyclingDiversified Waste Mgmt.&RecyclingHazardous Waste/Industrial CleaningSpecialty ServicesTesting&Analytical ServicesRemediation,Consulting&EngineeringResource Recovery&E-Waste

89、Water Equipment&ChemicalsWater Utilities&ServicesENVIRONMENTALSERVICESFOCUSAREASSELECT HARRIS WILLIAMS TRANSACTIONSLargest vertically integrated provider of grease trap and related servicesLeading provider of specialized cleaning solutions and wastewater treatmentNorth Americas largest provider of i

90、ndustrial cleaning and environmental services to the energy,industrial,and utility end marketsComprehensive provider of infrastructure and environmental testing,inspection,and consulting servicesNational provider of post-construction stormwater management serviceshas been acquired byIndustry-leading

91、 environmental,health,safety,and quality software provider offering a unified SaaS platformLuke SempleEP&IManaging DOffice:(804)915-0158Matt WhiteEP&IManaging DOffice:(804)915-0131Taylor MorrisBusiness ServicesDOffice:(804)887-6019Brian LucasBusiness ServicesManaging DOffice:(804)932-132310Leading r

92、enderer and recycler of animal by-products and waste cooking oil to create renewable resources for various high-quality productsNeha ShahEP&IDOffice:(804)887-6036Market-leading provider of closed-loop total oil management solutionsComprehensive provider of water and wastewater infrastructure operati

93、ons and management servicesPatrick FitzsimmonsEP&IVice POffice:(804)528-3565E N E R G Y,P O W E R&I N F R A S T R U C T U R E|B U S I N E S S S E R V I C E SOur FirmHarris Williams,a global investment bank specializing in M&A advisory services,advocates for sellers and buyers of companies worldwide

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107、mation contained herein that is based on material prepared by others may involve significant elements of subjective judgment and analysis which may or may not be correct.Opinions,estimates and projections contained herein constitute Harris Williams judgment and are subject to change without notice.T

108、his content is not to be construed as investment advice an offer to buy or sell or a solicitation of an offer to buy or sell any financial instruments or to participate in any particular transaction,nor shall this content form the basis of any contract.It does not constitute and should not be construed as an endorsement or recommendation of any entities products or services.No part of this material may be copied or duplicated in any form or by any means,or redistributed,without Harris Williams prior written consent.12