EQT buying Heritage Environmental Services

EQT Infrastructure VI fund is buying a majority position in Heritage Environmental Services (HES) from The Heritage Group.

Founded in 1970, HES is a family-owned provider industrial waste management services in the US. The company is headquartered in Indianapolis, Indiana, and has 37 regulated facilities in industrial hubs across the US. HES and its nearly 1,600 full-time staff manage approximately 660 thousand tons of industrial waste per year for more than 1,800 customers.

Stockholm-based EQT previously partnered with The Heritage Group on its investment in Cirba Solutions, a battery recycling materials and management company. At transaction close, The Heritage Group will continue to remain a shareholder in the company, building on the partnership with EQT.

EQT said is committed to working closely with HES, providing both capital and operational support. “Under EQT’s ownership, HES will continue to differentiate its service offerings, with a focus on innovation and sustainable services. EQT is committed to growing HES’s team, realizing near-term operational upgrades, enhancing customer partnerships and building greater trust with the industrial customers that HES serves,” the company said in a press release.

“EQT and HES are proven business leaders who share a like-minded approach to environmental stewardship, and this acquisition aligns directly with EQT’s approach of investing in businesses that provide essential environmental services to society,” said Juan Diego Vargas, partner within the EQT Infrastructure Advisory team.

The transaction is subject to customary conditions and approvals. It is expected to close in Q1 2024.