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May 1, 2023

BGL Announces the Sale of Circon to Covanta

Brown Gibbons Lang & Company (BGL) is pleased to announce the sale of Circon Holdings, Inc. (Circon), an industry leader in innovative waste management solutions and a portfolio company of Kinderhook Industries, LLC (Kinderhook), to Covanta Holding Corporation (Covanta), a leader in sustainable materials management and a portfolio company of EQT Infrastructure. BGL’s Environmental & Industrial Services investment banking team served as lead financial advisor to Circon in the transaction. The specific terms of the transaction were not disclosed.

The addition of Circon’s services doubles Covanta’s wastewater footprint, grows its engineered fuels business five-fold, and catapults Covanta into a leading position in the growing alternative fuels field for kilns. It also meaningfully expands the company’s footprint in the Gulf Coast and Midwest regions. 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.

Headquartered in La Porte, Texas, Circon 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. As part of its sustainability-focused service offering, Circon leads the market in manufacturing waste-derived fuels. This acquisition is noteworthy for Covanta due to Circon’s geographic reach across 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.