Crescentia Capital sells Terra Nova Solutions to Clean Harbors
The Carolinas-based hazardous waste provider, backed by Crescentia Capital, operates five facilities and is expected to generate $45 million to $50 million in annual revenue.
Takeaways
- Terra Nova Solutions is a regional hazardous and non-hazardous waste services provider.
- Crescentia Capital is selling Terra Nova Solutions to Clean Harbors.
- The.
Crescentia Capital has sold Terra Nova Solutions to Clean Harbors for $225 million, giving the North American environmental services company a permitted regional platform with wastewater treatment and solidification assets.
Terra Nova, based in the Carolinas, operates five sites that handle hazardous and non-hazardous waste streams, including drum collection, tank cleaning, vacuum services, and processing.
The business expects to generate $45 million to $50 million in annual revenue and approximately $15 million in adjusted EBITDA.
Its infrastructure includes annual wastewater treatment capacity of 35 million gallons, solidification capacity exceeding 85 million gallons, and a fleet of 150 specialized trucks and tankers.
Clean Harbors, a publicly traded provider of end-to-end hazardous waste management, industrial cleaning, and used oil re-refining, plans to fold Terra Nova into its Technical Services and Field Services divisions.
The company projects $4 million in annual synergies after the first full year of integration, implying a post-synergy multiple of 11.8 times EBITDA.
The transaction was funded with available cash.
Davis, Malm & D’Agostine provided legal counsel to Clean Harbors.
Raymond James served as exclusive financial advisor and Willkie Farr & Gallagher as legal advisor to Terra Nova Solutions.
Get tomorrow morning's tape in your inbox.
Yesterday's platforms, add-ons, recaps, and exits, cleaned up before the workday starts.