Clean Harbors (NYSE: CLH) completes $225M Terra Nova Solutions deal
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
Clean Harbors, Inc. has completed the all-cash acquisition of Terra Nova Solutions for $225 million, funded with available cash. Terra Nova is a Carolinas-based provider of hazardous and non-hazardous waste services operating five permitted sites with recurring revenue streams from wastewater treatment, solidification and waste processing.
Clean Harbors expects Terra Nova to generate $45 million-$50 million of annual revenue and about $15 million of Adjusted EBITDA. Management anticipates roughly $4 million of annual synergies after the first full year, implying a post-synergy acquisition multiple of 11.8x. The deal is intended to strengthen Clean Harbors’ Technical Services and Field Services businesses, expand waste-handling capacity in the Carolinas and add cross-selling opportunities.
Positive
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Negative
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Insights
Clean Harbors completes a $225M bolt-on deal with defined synergy targets.
Clean Harbors acquired Terra Nova Solutions for $225 million in cash, adding five permitted waste-treatment sites in the Carolinas. Management guides to annual revenue of $45 million-$50 million and about $15 million of Adjusted EBITDA, positioning this as a high-margin, recurring-revenue business.
The company targets roughly $4 million in annual synergies after the first full year, yielding a stated post-synergy multiple of 11.8x. That framing suggests a focus on cost and network efficiencies, particularly within Technical Services and Field Services, rather than a pure growth-only thesis.
Strategically, Terra Nova adds 35 million gallons of annual wastewater treatment capacity, over 85 million gallons of solidification capacity, 150 specialized trucks and more than 100 employees. Subsequent filings may detail integration progress, realized synergies and how the acquisition contributes to segment-level growth.
8-K Event Classification
2 items: 8.01, 9.01
2 items
Item 8.01
Other Events
Other
Voluntary disclosure of events the company deems important to shareholders but not covered by other items.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Acquisition price: $225 million
Expected annual revenue: $45-$50 million
Expected Adjusted EBITDA: $15 million
+5 more
8 metrics
Acquisition price
$225 million
All-cash purchase of Terra Nova Solutions
Expected annual revenue
$45-$50 million
Terra Nova Solutions revenue guidance
Expected Adjusted EBITDA
$15 million
Terra Nova Solutions annual Adjusted EBITDA
Targeted annual synergies
$4 million
Synergies after first full year of operation
Post-synergy multiple
11.8x
Implied acquisition multiple after synergies
Wastewater treatment capacity
35 million gallons per year
Terra Nova locations’ annual wastewater capacity
Solidification capacity
More than 85 million gallons
Terra Nova locations’ annual solidification capacity
Vehicle fleet
150 trucks and tankers
Specialized Terra Nova vehicles added
Key Terms
Adjusted EBITDA, synergies, post-synergy multiple, forward-looking statements, +1 more
5 terms
Adjusted EBITDA financial
"Clean Harbors expects the business to generate $45 million to $50 million of annual revenue and approximately $15 million of Adjusted EBITDA."
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
synergies financial
"An estimated $4 million of synergies are anticipated after the first full year of operation, which would give the acquisition a post-synergy multiple of 11.8 times."
Synergies are the extra benefits—such as lower costs, higher sales, or improved efficiency—that result when two businesses combine or when different parts of a company cooperate. Investors watch synergies because they can boost future profits and cash flow, supporting a higher valuation, but they depend on effective integration and are often estimated rather than guaranteed; imagine two households merging to share rent and eliminate duplicate expenses.
post-synergy multiple financial
"An estimated $4 million of synergies are anticipated after the first full year of operation, which would give the acquisition a post-synergy multiple of 11.8 times."
forward-looking statements regulatory
"Any statements contained herein that are not historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995."
Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.
Safe Harbor Statement regulatory
"Safe Harbor Statement Any statements contained herein that are not historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995."
A safe harbor statement is a disclaimer that companies include in their public disclosures to limit legal liability if future results differ from what was forecasted or expected. It acts like a protective shield, helping companies avoid lawsuits if their predictions don’t come true, and gives investors a clearer understanding that certain statements are forward-looking and involve risks.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 14, 2026
(Exact name of registrant as specified in its charter)
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||||||||
| (Address of Principal Executive Offices) | (Zip Code) | ||||||||||||||||||||||
Registrant’s telephone number, including area code (781 ) 792-5000
Not Applicable
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||||||||
Item 8.01 Other Events.
On May 14, 2026, Clean Harbors, Inc. issued a press release announcing the completion of its acquisition of Terra Nova Solutions. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
| Exhibit Number | Description | |||||||
| 99.1 | Press Release dated May 14, 2026 | |||||||
| 104 | The cover page to this Current Report on Form 8-K, formatted in iXBRL (Inline eXtensible Business Reporting Language) | |||||||
1
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Clean Harbors, Inc. | |||||
| (Registrant) | |||||
| May 14, 2026 | /s/ Eric J. Dugas | ||||
| Executive Vice President and Chief Financial Officer | |||||
2
Exhibit 99.1
Press Release
Clean Harbors Announces Acquisition of Terra Nova Solutions
•$225 Million All-Cash Acquisition Adds Regional Hazardous and Non-Hazardous Waste Services Provider with Permitted Assets
•Transaction Enhances Technical Services and Field Services Businesses
•Expects ~$4 Million of Annual Synergies, Resulting in Implied Post-Synergy Multiple of 11.8x
NORWELL, Mass. – May 14, 2026 – Clean Harbors, Inc. (“Clean Harbors” or the “Company”) (NYSE: CLH), the leading provider of environmental and industrial services throughout North America, today announced the acquisition of Terra Nova Solutions, a regional provider of hazardous and non-hazardous waste solutions for $225 million, which the Company plans to fund with available cash.
Based in the Carolinas, Terra Nova operates five sites that support high-margin, recurring revenue streams including wastewater treatment, solidification and waste processing. Clean Harbors expects the business to generate $45 million to $50 million of annual revenue and approximately $15 million of Adjusted EBITDA. An estimated $4 million of synergies are anticipated after the first full year of operation, which would give the acquisition a post-synergy multiple of 11.8 times.
“We continue to prioritize M&A transactions with strong return profiles that enhance our core businesses,” said Mike Battles, Co-Chief Executive Officer. “We believe Terra Nova will be an ideal strategic fit to our waste-handling network. They are a recognized regional leader in waste treatment and processing that brings to us a blue-chip, long-tenured customer base. In addition, Terra Nova has multiple service offerings that align well with our Technical Services and Field Services businesses, including drum collection, wastewater treatment, tank cleaning and vacuum services. We expect the transaction to create incremental cross-selling opportunities.”
Eric Gerstenberg, Co-Chief Executive Officer, said, “For more than 20 years, Terra Nova and its predecessor company have served the Carolinas region with a variety of environmental and waste solutions. Its locations have the annual capacity to treat 35 million gallons of wastewater, along with more than 85 million gallons of solidification capacity. Their 150 specialized trucks and tankers will be a welcome addition to our vehicle fleet. We also believe their more than 100 customer-focused employees will benefit from the opportunities for career advancement within our larger organization. We look forward to incorporating those talented folks into the Clean Harbors family.”
Clean Harbors • 42 Longwater Drive • PO Box 9149 • Norwell, Massachusetts 02061-9149 • 800.282.0058
Davis, Malm & D’Agostine, P.C. served as legal advisor to Clean Harbors. Raymond James served as exclusive financial advisor and Willkie Farr & Gallagher LLP served as legal advisor to Terra Nova Solutions.
About Clean Harbors
Clean Harbors (NYSE: CLH) is North America’s leading provider of environmental and industrial services. The Company serves a diverse customer base, including a majority of Fortune 500 companies. Its customer base spans a number of industries, including chemical, manufacturing and refining, as well as numerous government agencies. These customers rely on Clean Harbors to deliver a broad range of services such as end-to-end hazardous waste management, emergency spill response, industrial cleaning and maintenance, and recycling services. Through its Safety-Kleen subsidiary, Clean Harbors also is a leading provider of parts washers and environmental services to commercial, industrial and automotive customers, as well as North America’s largest re-refiner and recycler of used oil. Founded in 1980 and based in Massachusetts, Clean Harbors operates in the United States, Canada, Mexico, Puerto Rico and India. For more information, visit www.cleanharbors.com.
Safe Harbor Statement
Any statements contained herein that are not historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are generally identifiable by use of the words “believes,” “expects,” “intends,” “anticipates,” “plans to,” “seeks,” “will,” “should,” “estimates,” “projects,” “may,” “likely,” “potential,” “outlook” or similar expressions. Such statements may include, but are not limited to, statements about the Terra Nova Solutions acquisition, future financial and operating results, plans, strategy, objectives and goals, cost management initiatives, pricing and productivity initiatives, contingent liabilities, liquidity, business, economic and market conditions, trends, customer demand, impacts of tariffs and new legislation, acquisitions, growth opportunities, expectations, challenges and other statements that are not historical facts. Such statements are based upon the beliefs and expectations of Clean Harbors’ management as of the date of this press release only and are subject to certain risks and uncertainties that could cause actual results to differ materially, including, without limitation: operational and safety risks; risks relating to the failure of new or existing technologies; cybersecurity risks; the occurrence of natural disasters or other catastrophic events, as well as their residual macroeconomic effects; risks associated with retaining and hiring key personnel; environmental liability and product liability risks relating to hazardous waste management and other components of the Company’s business; negative economic, industry or other developments, including market volatility or economic downturns; risks associated with management’s assumptions relating to expansion of the Company’s landfills; reductions in the demand for emergency response services at industrial facilities or on roadways, railways or waterways, and other remedial projects and regulatory developments; reductions in the demand for oil products and automotive services and volatility in oil prices in the markets the Company serves; changes in statutory and regulatory requirements and risks relating to extensive environmental laws and regulations; risks associated with existing and
Clean Harbors • 42 Longwater Drive • PO Box 9149 • Norwell, Massachusetts 02061-9149 • 800.282.0058
potential litigation; risks associated with the Company’s identification and execution of strategic capital expenditures, acquisitions and divestitures and their related liabilities; risks relating to the availability and sufficiency of the Company’s insurance coverage, self-insurance, surety bonds, letters of credit and other forms of financial assurance; the impact of new tax legislation or changes in tax regulations and interpretations; the imposition of trade sanctions or tariffs; fluctuations in interest rates and foreign currency exchange rates; risks relating to the Company’s indebtedness and covenants in its debt agreements; risks associated with certain anti-takeover provisions under the Massachusetts Business Corporation Act and the Company’s By-Laws, and those items identified as “Risk Factors” in Clean Harbors’ most recently filed reports on Form 10-K and Form 10-Q. Forward-looking statements are neither historical facts nor assurances of future performance. Therefore, readers are cautioned not to place undue reliance on these forward-looking statements. Clean Harbors undertakes no obligation to revise or publicly release the results of any revision to these forward-looking statements other than through its filings with the Securities and Exchange Commission, which may be viewed in the “Investors” section of Clean Harbors’ website at www.cleanharbors.com.
Contacts:
Eric J. Dugas | Jim Buckley | |||||||
EVP and Chief Financial Officer | SVP Investor Relations | |||||||
Clean Harbors, Inc. | Clean Harbors, Inc. | |||||||
781.792.5100 | 781.792.5100 | |||||||
InvestorRelations@cleanharbors.com | Buckley.James@cleanharbors.com | |||||||
Clean Harbors • 42 Longwater Drive • PO Box 9149 • Norwell, Massachusetts 02061-9149 • 800.282.0058
FAQ
What transaction did Clean Harbors (CLH) announce regarding Terra Nova Solutions?
Clean Harbors completed an all-cash acquisition of Terra Nova Solutions for $225 million. Terra Nova is a regional provider of hazardous and non-hazardous waste solutions in the Carolinas, operating five permitted sites that support recurring revenue from wastewater treatment, solidification and waste processing services.
How much revenue and Adjusted EBITDA does Clean Harbors expect from Terra Nova?
Clean Harbors expects Terra Nova to generate annual revenue of $45 million-$50 million and approximately $15 million of Adjusted EBITDA. These expectations highlight Terra Nova’s focus on high-margin, recurring waste-treatment services integrated into Clean Harbors’ Technical Services and Field Services businesses.
What synergies does Clean Harbors target from the Terra Nova acquisition?
The company anticipates about $4 million of annual synergies after the first full year of Terra Nova’s operations. Based on these synergies, management cites an implied post-synergy acquisition multiple of 11.8x, reflecting expected cost and network efficiencies in its waste-handling platform.
How will Clean Harbors fund the Terra Nova Solutions acquisition?
Clean Harbors plans to fund the $225 million purchase price entirely with available cash. Using internal cash resources rather than external financing suggests the company is comfortable with its current liquidity while absorbing Terra Nova’s operations into its existing business units.
What additional capacities does Terra Nova bring to Clean Harbors’ network?
Terra Nova’s locations provide annual capacity to treat 35 million gallons of wastewater and more than 85 million gallons of solidification volume. The acquisition also adds 150 specialized trucks and tankers and more than 100 employees, expanding Clean Harbors’ regional service capabilities in the Carolinas.
Which business lines at Clean Harbors are most affected by the Terra Nova deal?
The acquisition is described as enhancing Clean Harbors’ Technical Services and Field Services businesses. Terra Nova’s offerings, including drum collection, wastewater treatment, tank cleaning and vacuum services, are expected to align closely with these segments and support incremental cross-selling opportunities.