I Squared Capital announced it has entered into a definitive agreement to acquire Milestone Environmental, a leading independent environmental infrastructure company specializing in waste management solutions for the energy and industrial sectors, from SK Capital Partners. Financial terms of the transaction were not disclosed.
Headquartered in Houston, Texas, Milestone owns and operates 15 fully permitted disposal facilities serving oil and gas drilling, completion, and production waste streams. Its network spans several of the most active U.S. energy regions, including the Permian Basin’s Delaware and Midland sub-basins, the Eagle Ford, and the Haynesville.
Milestone provides integrated treatment and disposal services for both liquid and solid waste generated by oil and gas production. The company has established itself as a leading independent slurry injection provider, using a patented slurry injection process that enables the environmentally secure and cost-effective disposal of complex oilfield waste. Its portfolio also includes engineered landfills, allowing it to deliver end-to-end waste management solutions for customers across major U.S. energy basins.
The company has also expanded beyond oilfield services into industrial waste management, leveraging its regulatory expertise, infrastructure, and geological capabilities to serve hazardous and non-hazardous industrial waste streams. This expansion is expected to create additional long-term growth opportunities as demand for environmental infrastructure continues to increase.
For I Squared Capital, the acquisition strengthens its environmental infrastructure portfolio and adds a critical provider of waste management services supporting U.S. energy production. The infrastructure investor manages more than $60 billion in assets globally and invests across sectors including power, transportation, digital infrastructure, environmental infrastructure, and social infrastructure.
KEY QUOTES:
“Energy waste management is an essential but often underappreciated part of the energy value chain, providing the critical environmental infrastructure that enables safe and responsible oil and gas production. With its leading position in the Permian Basin, comprehensive treatment and disposal capabilities, a growing platform in industrial waste management, and strategically located network of permitted facilities, Milestone is well positioned to benefit from the long-term fundamentals supporting U.S. energy production and reindustrialization. We look forward to partnering with the management team to build on the company’s strong foundation.”
Gautam Bhandari, Managing Partner and Chief Investment Officer at I Squared Capital
“I Squared is an ideal capital partner for our team – a firm that deeply understands both the energy and environmental infrastructure sectors, and shares our conviction in Milestone’s trajectory. We have spent twelve years building and operating critical environmental infrastructure serving important oil and gas basins in the United States, delivering safe, reliable, and innovative waste management solutions that our customers depend on every day. We are grateful for our partnership with SK Capital, whose support helped accelerate the growth and development of our platform. We look forward to building on that momentum in our new partnership with I Squared, expanding our reach, and continuing to seek value for our customers and stakeholders.”
Gabriel Rio, Founder, President and Chief Executive Officer of Milestone Environmental
“It has been a privilege to partner with Gabriel Rio and the entire Milestone team. Over the last three years, we’ve repositioned the Company by enhancing its market leadership, adding new capabilities and expanding into new markets. We believe Milestone is well-positioned to thrive under I Squared’s ownership. We are grateful to all of Milestone’s employees and wish them continued success.”
Jack Norris, Managing Director at SK Capital
