RL Hulett：2025年第四季度全球环境服务行业并购市场研究报告（英文版）（22页）.pdf

1、Environmental ServicesM&A UpdateQ4 2025REPORT CONTRIBUTORSFor more information on R.L Hulett or this report please visit our website at ,call us at(314)721-0607,or contact a professional listed on this page.REPORT HIGHLIGHTS In Q4,the NYSE Arca Environmental Services Index decreased by 1.2%,and was

2、outperformed by a 2.0%increase in the S&P over the same period.The median EV/EBITDA multiple for reported strategic deals in the Environmental Services sector increased to 20.9x in 2025 from 15.0 x in the prior year,while no private equity multiples were reported during the period.M&A deal volume in

3、 the sector increased 3.9%in Q4 to 159 deals from 153 in Q3 and increased 11.9%from 142 deals in Q4 of the prior year.As a%of total capital invested in M&A transactions,PE participation increased in 2025 to 80.1%from 31.2%in 2024.Europe was the most active region in the sector in Q4 with 70 deals.Mo

4、st notably in Europe was Stellex Capital Managements$314.5 million acquisition of Durr Industries,a German-based provider of environmental services for air pollution control.CONTENTS3 Global Deal Analytics7 Valuation Multiples10 Leading M&A Deals13 Industry Outlook14 About R.L.Hulett16 Selected Tran

5、sactions18 Our M&A TeamEnvironmental Services M&A UpdateQ4 2025Trevor HulettManaging DRyan HartmanSenior ADax KugelmanAEnvironmental Services M&A Update|Q4 2025|Page 3Source:PitchBook DataGlobal Deal Analytics6070167Of the 159 deals in the Environmental Services sector in Q4,Europe was the most acti

6、ve with 70.A notable European deal(in addition to the Durr Industries deal mentioned on the previous page)was Axio Capitals acquisition of Les Joyeux Recycleurs,a French provider of office waste collection and recycling services for an undisclosed amount,in December 2025.North America was the second