Calling it the company’s most transformative acquisition in its history, Morristown-based Covanta announced Monday that it has entered into a definitive agreement to acquire Circon Holdings – an acquisition Covanta officials say further demonstrates the company’s commitment to providing carbon negative solutions to its customers.
Covanta, a leader in sustainable materials management, did not reveal the cost of the acquisition, which is subject to customary regulatory approvals.
Circon, based in La Porte, Texas, is a full-service provider of environmental services with a customer base across more than 20 waste facilities in the Midwest, Southeast and Gulf Coast. This acquisition is noteworthy for Covanta due to Circon’s geographic reach over multiple regions of the country and its suite of circularity offerings in wastewater treatment, and non-hazardous and hazardous waste management. Circon amplifies Covanta’s ability to provide more last-mile sustainability solutions to its blue-chip customer base and transform their waste into value-based materials.
The addition of Circon marks the largest single acquisition for Covanta in two decades, bringing with it more than 600 new employees and 2,500 customers. It is the company’s eighth acquisition following its purchase by EQT Infrastructure.
“Covanta, with Circon’s new geographies and complementary capabilities, will offer the absolute highest value proposition for customers, with full integration across logistics, field services, processing and disposal,” Covanta CEO Azeez Mohammed said.
“This acquisition accelerates our flightpath to becoming the premier company for sustainable materials management. With Circon, we are enhancing our carbon negative solutions and bringing our offerings to the next level. We’re excited about this development and look forward to welcoming Circon’s impressive team. Together we’ll continue to transform Covanta into the very best service provider for our customers’ unique environmental challenges and ESG goals.”
About Covanta
Covanta is a leader in sustainable materials management providing environmental services to businesses and communities. Through its network of facilities and state-of-the-art services, Covanta views itself as a single-source partner in solving today’s most complex environmental challenges. For more information, visit covanta.com.
The addition of Circon’s services specifically doubles Covanta’s wastewater footprint, grows its engineered fuels business five-fold, and catapults Covanta into a leader in the growing alternative fuels field for kilns. It also meaningfully expands the company’s footprint in the Gulf Coast and Midwest regions.
“The entire Circon team is grateful for the successful partnership with Kinderhook. We are eager to launch into our next phase of growth with Covanta,” Circon CEO Frank Iezzi said. “After all, we were both built on the tenet of sustainability with the goal of minimizing waste and embracing a circular economy through innovative and environmentally conscious services.
“We will continue to deliver on these sustainable offerings, now dramatically enhanced with the expanded network, increased operational efficiency and strong environmental solutions-based innovations from Covanta. This is exactly what will take our waste management service — and entire industry — to the next level.”
