EQT to acquire majority position in Heritage Environmental Services

EQT has announced that the EQT Infrastructure VI fund has agreed to acquire a majority position in Heritage Environmental Services (HES) from The Heritage Group (THG).  

Founded in 1970 and headquartered in Indianapolis, HES is a family-owned provider of sustainability and industrial waste management services in the U.S. The company manages about 660,000 tons of industrial waste per year for more than 1,800 customers from 37 facilities strategically located in key industrial hubs across the U.S. 

Offering a wide array of tailored solutions—from waste disposal, on-site support and technical solutions to emergency response and sustainability services—HES addresses complex waste problems across more than a thousand waste types. Under EQT’s ownership, HES says it will continue to differentiate its service offerings, with a focus on innovation and sustainable services. 

“EQT and HES are proven business leaders who share a like-minded approach to environmental stewardship, and this acquisition aligns directly with EQT’s thematic approach of investing in businesses that provide essential environmental services to society,” says Juan Diego Vargas, partner within the EQT Infrastructure Advisory team. “EQT is excited to partner with the entire HES team and to invest in organizational, operational and digital technology initiatives that will enhance HES’ ability to provide reliable and compliant final disposal to complex industrial waste challenges.” 

EQT previously partnered with THG 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. 

EQT says it is committed to working closely with HES, providing capital and operational support as well as growing HES’ team, realizing near-term operational upgrades, enhancing customer partnerships and building greater trust with the industrial customers that HES serves. 

“EQT has been a strong partner to The Heritage Group, and we are excited to expand our relationship. Importantly, the concepts of a similar culture, treatment of our employees, respect for the communities we serve and commitment to a long-term partnership with THG were key criteria in selecting EQT as our partner,” says HES CEO Jeff Laborsky. “Combined with EQT, our joint commitment is to continue to bring the most innovative reuse, recycle, treatment and disposal solutions in the United States. HES is at the forefront of providing sustainable solutions to our customers, and EQT’s partnership will accelerate our growth and investment in expanding our differentiated offerings. We couldn’t ask for a better partner as we embark on this next phase of our company’s evolution.”  

The transaction is expected to close in the first quarter of 2024, EQT says.