M&A Acquirer Playbook

REPUBLIC SERVICES, INC. acquisition history.

Every deal, price, and strategic rationale.

Company REPUBLIC SERVICES, INC.

SEC CIK 0001060391

Tracked filings EDGAR · 8-K

Total deals tracked

Disclosed 8-K acquisitions, 2008 — present.

Aggregate disclosed value

$22B

Over $22 billion across disclosed transactions - the $20B+ Allied Waste merger of equals plus the $2.2 billion US Ecology acquisition and the $168 million ReCommunity recycling deal.

Active acquisition years

2008

2017 - 2022 - a transformational deal in each active period.

Primary sectors

Solid waste collection, transfer, recycling and landfill disposal, expanding into hazardous and specialty-waste environmental solutions

Allied Waste, ReCommunity, US Ecology.

Verified 3 deals on this page · sourced from SEC filings

11 cross-references pending verification

Continental Waste Industries
$79 million in stock
Taormina Industries
Rainbow Disposal
U.S. operations of Alberta-based Tervita
ReCommunity
ACV Enviro
Santek Waste Services
10
11
12

Cross-references found in other public sources (e.g., Wikipedia) but not yet incorporated into the deal book. Comprehensive deal-count verification (incl. sub-material tuck-ins) is pending 10-K Business Combinations integration.

Timeline

3 deals, $22B deployed.

Plotted by close date where disclosed, otherwise announcement. Click any marker to jump to the deal entry.

The playbook

The rationale that repeats.

Three patterns show up across REPUBLIC SERVICES's deal book — what the team buys, how it pays, and how it integrates. The patterns are the throughline; the individual deals below are the evidence.

Acquisition criteria

Scale through transformational mergers.

Republic's defining move was the 2008 all-stock merger of equals with Allied Waste Industries, combining the industry's second- and third-largest companies into a national platform serving more than 13 million customers in 40 states and Puerto Rico. Management framed it as a way to "enhance its leadership position in the U.S. environmental services industry, building on both companies' foundations of profitable growth," targeting approximately $150 million in net annual synergies.

Allied Waste IndustriesRE Community Holdings II, Inc. (ReCommunity)US Ecology

Capital deployment

Vertical integration into higher-value waste streams.

The 2022 acquisition of US Ecology for approximately $2.2 billion expanded Republic beyond traditional solid waste into the treatment, recycling and disposal of hazardous, non-hazardous and specialty waste. Republic described the deal as providing "vertical integration capabilities for our environmental solutions business" and creating "one of the most complete set of products and services" for customers seeking a single-source environmental partner, with $40 million of cost synergies expected within three years.

Allied Waste IndustriesRE Community Holdings II, Inc. (ReCommunity)US Ecology

Integration approach

Consolidating recycling and resource recovery in core markets.

The 2017 acquisition of ReCommunity, the largest independent recycling-processing company in the United States with 26 recycling centers in 14 states, was concentrated "in locations where Republic maintains a leading market presence" - a pattern of deepening density and adding recovery capacity in markets Republic already led rather than entering new geographies.

Allied Waste IndustriesRE Community Holdings II, Inc. (ReCommunity)US Ecology

Deal book · 3 acquisitions

The full deal book.

3 acquisitions. Click any row to see the deal value, financing structure, target revenue, executive commentary, and the original SEC filing — the evidence behind the patterns above.

Allied Waste Industries was the third-largest non-hazardous solid waste management company in the United States. The merger combined the industry's second-largest (Republic) and third-largest (Allied) companies into a national environmental services platform serving more than 13 million customers in 40 states and Puerto Rico with more than 35,000 employees. Each share of Allied common stock was converted into 0.45 shares of Republic common stock. The combined company retained the Republic Services name and ticker (NYSE: RSG) and relocated its corporate headquarters to Phoenix.

Why it was attractive

01 Allied brought a broad national footprint
02 an innovative procurement platform
03 and complementary service areas and assets to Republic's high-growth Sunbelt presence
04 established franchise business and strong capital structure

Capabilities acquired

Solid waste collectiontransfer stationsrecyclinglandfill disposallandfill gas-to-energy

By combining the strengths of two great companies and integrating executives from both teams, Republic will enhance its leadership position in the U.S. environmental services industry, building on both companies' foundations of profitable growth.

James E. O'Connor Chairman and Chief Executive Officer, Republic Services

Our two companies have known and respected each other for many years, and the time is right for us to take the next logical step in the development of both companies, thus accelerating our ability to achieve our strategic objectives and enhancing our plan for profitable growth.

John Zillmer Chairman and Chief Executive Officer, Allied Waste Industries

Deal value

$20B

All-stock merger of equals; enterprise value of over $20 billion, creating a company with approximately $9 billion in pro forma annual revenue

Terms

AnnouncedJun 2008

ClosedDec 2008

StructureMerger of equals

Considerationall stock

Financials

Cash impact / synergiesApproximately $150 million in expected net annual synergies (later described as more than $150 million in pre-tax annual synergies by 2011)

Deal facts

GeographyUnited States (national footprint)

SegmentSolid waste collection, transfer, recycling and landfill disposal

Integration unitCombined company operated under the Republic Services name, headquartered in Phoenix

Integration timelineAnnounced June 23, 2008; completed December 5, 2008

Not disclosed in filing Target revenue / EBITDA

Fundingall stock.

SEC 8-K · Allied Waste Industries

Republic acquired all of the issued and outstanding shares of RE Community Holdings II, Inc. (ReCommunity) in the fourth quarter of 2017. Prior to the acquisition, ReCommunity was the largest independent recycling-processing company in the United States, with 26 recycling centers in 14 states, operating primarily in locations where Republic maintains a leading market presence.

Why it was attractive

01 ReCommunity's recycling centers were concentrated in markets where Republic already held a leading market presence
02 supporting Republic's recycling and resource-recovery strategy

Capabilities acquired

Recycling processingmaterials recovery facilities

In the fourth quarter of 2017, we acquired all of the issued and outstanding shares of RE Community Holdings II, Inc. ("ReCommunity") for $168.0 million, net of cash acquired, plus $6.0 million of certain capital leases. Prior to the acquisition, ReCommunity was the largest independent recycling-processing company in the United States, with 26 recycling centers in 14 states, operating primarily in locations where Republic maintains a leading market presence.

Republic Services FY2017 10-K Business Acquisitions note

Deal value

$168.0M

$168.0 million, net of cash acquired, plus $6.0 million of certain capital leases

Terms

Disclosed in 8-KOct 2017

StructureFull acquisition

Considerationall cash

Deal facts

GeographyUnited States (26 recycling centers in 14 states)

SegmentRecycling processing

Integration timelineAcquired in October 2017

Not disclosed in filing Target revenue / EBITDA · Cash impact / synergies · Integration unit

Fundingall cash.

SEC 8-K · RE Community Holdings II

US Ecology, Inc. (NASDAQ-GS: ECOL) was a leading provider of environmental solutions offering treatment, recycling and disposal of hazardous, non-hazardous and specialty waste. Republic acquired all outstanding shares for $48.00 per share in cash. US Ecology's trailing-twelve-month revenue as of September 30, 2021 was $968 million with adjusted EBITDA of $156 million. Republic financed the transaction using proceeds of a new $1.0 billion unsecured term loan facility and borrowings under its credit facility.

Why it was attractive

01 US Ecology vertically integrated and expanded Republic's environmental solutions footprint
02 giving Republic one of the most complete sets of products and services for customers seeking a single-source environmental partner

Capabilities acquired

Treatmentrecycling and disposal of hazardousnon-hazardous and specialty wasteenvironmental solutions

Today's announcement enables Republic Services to provide customers with one of the most complete set of product offerings across the environmental services space and creates significant value for our stakeholders. This strategic acquisition expands our geographic footprint across the U.S. and Canada and provides vertical integration capabilities for our environmental solutions business.

Jon Vander Ark President and Chief Executive Officer, Republic Services

We are pleased to have reached this agreement with Republic Services, an established leader in the industry, recognized for its commitment to safety, sustainability and superior customer service. 2022 marks US Ecology's 70th year of operations, built around providing environmental solutions that protect human health and the environment.

Jeff Feeler Chairman, Chief Executive Officer and President, US Ecology

Deal value

$2.2B

$48.00 per share in cash; total value of approximately $2.2 billion including net debt of approximately $0.7 billion

Terms

AnnouncedFeb 2022

ClosedMay 2022

StructureFull acquisition

Considerationall cash

Financials

Target revenue / EBITDA$968 million trailing-twelve-month revenue as of September 30, 2021; adjusted EBITDA of $156 million

Cash impact / synergies$40 million of cost synergies expected within the first three years

Deal facts

GeographyUnited States and Canada

SegmentEnvironmental solutions (hazardous and specialty waste)

Integration unitIntegrated into Republic's Environmental Solutions business

Integration timelineAnnounced February 9, 2022; completed May 2, 2022; integration expected to be substantially complete by the end of 2023

Fundingall cash.

SEC 8-K · US Ecology

End of deal book

3 acquisitions · $22B deployed ·2008 — present

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3 deals, $22B deployed.

The rationale that repeats.

Scale through transformational mergers.

Vertical integration into higher-value waste streams.

Consolidating recycling and resource recovery in core markets.

The full deal book.

Put VectorShift to workon every deal.

Put VectorShift to work
on every deal.