I Squared Capital Acquires Milestone Environmental Firm

I Squared Capital, a prominent global infrastructure investor managing over $60 billion in assets, is set to significantly expand its environmental infrastructure footprint with the acquisition of Milestone Environmental. The definitive agreement marks a strategic move by I Squared to bolster its portfolio in essential services supporting the energy and industrial sectors.

Milestone Environmental, a Houston-based firm, specializes in advanced waste management solutions, processing approximately one billion gallons of waste annually. The company leverages proprietary slurry injection technology to handle both liquid and solid waste streams generated by the energy industry. Its operations are strategically positioned across key U.S. energy hubs, including the Permian Basin (Delaware and Midland), Eagle Ford, and Haynesville, with 15 fully permitted disposal facilities.

Founded in 2014, Milestone Environmental has carved out a leading position as an independent slurry injection provider, particularly within the Permian Basin. The company's expertise lies in managing the complex waste streams associated with drilling, completion, and production activities for major energy producers. This acquisition aligns with I Squared Capital's broader strategy of investing in critical infrastructure that underpins national economic priorities and supports ongoing energy production.

The transaction is anticipated to conclude in the fourth quarter of 2026, pending the satisfaction of standard closing conditions and regulatory approvals. This deal underscores I Squared Capital's commitment to the environmental infrastructure sector, a segment experiencing growing demand driven by increased domestic energy production and a renewed focus on industrial activity in the United States. The firm views energy waste management as a vital component of the nation's energy infrastructure.

Milestone Environmental's integration into I Squared Capital's extensive platform is expected to unlock new growth opportunities. The investment is poised to benefit from long-term tailwinds in U.S. energy production and the reshoring of industrial capabilities. I Squared Capital's extensive experience managing over 100 companies across more than 70 countries provides a robust foundation for Milestone Environmental's continued development and operational excellence.

Leading the transaction from Milestone Environmental is its Founder, President, and CEO, Gabriel Rio. Representing I Squared Capital is Managing Partner and Chief Investment Officer, Gautam Bhandari. Financial advisory services for the deal were provided by Houlihan Lokey. Latham & Watkins LLP served as legal counsel for Milestone Environmental and SK Capital Partners, while Simpson Thacher & Bartlett LLP provided legal counsel to I Squared Capital.