Home › Selling a Recycling Business in 2026: Multiples, Named Buyers, and the Operator Playbook

Selling a Recycling Business in 2026: Multiples, Named Buyers, and the Operator Playbook

Quick Answer

A US recycling business in 2026 typically sells for roughly 3x to 9x EBITDA, varying significantly by subsegment (scrap metal vs. solid waste vs. specialty), commodity exposure, contracted-revenue durability, and platform scale. By profile: a single-yard scrap metal dealer or small MRF (materials recovery facility) at $500k-1.5M EBITDA goes 3x-5x EBITDA; a regional scrap or solid waste hauler/recycler ($1.5-4M EBITDA) goes 4x-6x EBITDA; a mid-size regional platform with diversified subsegments and contracted municipal/industrial revenue ($4-12M EBITDA) goes 5x-7x EBITDA; a premium scale platform ($12M+ EBITDA, multi-state, vertically-integrated scrap or solid waste, named municipal long-term contracts, specialty stream exposure such as e-waste/battery/textile/EV battery recycling) reaches 6x-9x+ EBITDA. Note: the public-market multiples for the big solid-waste consolidators (Waste Management, Republic Services, GFL, Waste Connections, Casella) trade at 12-18x EBITDA but their tuck-in M&A pays significantly less. Active buyers in scrap metal include Radius Recycling (NASDAQ: RDUS, formerly Schnitzer Steel Industries, $2.5B+ revenue), SA Recycling (LLC partnership between Sims Metal Management and Adams Steel, large California-based platform), EMR Group (private UK, large US operations), PADNOS (private, Midwest), OmniSource (Steel Dynamics NASDAQ: STLD subsidiary), Cohen USA, ELG Haniel Group (specialty stainless/aluminum). Active buyers in solid waste recycling include Waste Management (NYSE: WM, $21B+ revenue), Republic Services (NYSE: RSG, $15B+ revenue), GFL Environmental (NYSE: GFL, $7B+ revenue), Casella Waste Systems (NASDAQ: CWST, $1.5B+ revenue), Waste Connections (NYSE: WCN, $9B+ revenue), plus PE-backed regional platforms (Tana Exploration, Bardstown, Apollo-backed platforms, Macquarie Infrastructure). The biggest multiple drivers are contracted-revenue durability (multi-year municipal or industrial contracts), commodity exposure and pricing leverage, specialty stream exposure (e-waste, lithium battery, EV battery recycling as growth premium), processing facility quality, environmental compliance (RCRA, CERCLA), and vertical integration. Buyer-paid M&A advisory (CT Strategic Partners) costs the seller nothing.

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If you own a recycling business in 2026, whether that is a scrap metal yard, a solid-waste MRF (materials recovery facility), a specialty recycler (e-waste, batteries, plastics, textile), or a regional integrated platform, the M&A market is consolidated and capital-deep. The big public scrap metal consolidator is Radius Recycling (NASDAQ: RDUS, formerly Schnitzer Steel). The big public solid-waste consolidators are Waste Management (NYSE: WM), Republic Services (NYSE: RSG), GFL Environmental (NYSE: GFL), Waste Connections (NYSE: WCN), and Casella Waste Systems (NASDAQ: CWST). PE sponsors continue rolling up regional platforms.

What the asset is worth depends on three things: (1) subsegment and commodity exposure (scrap metal pricing is volatile but high-throughput; solid waste is more stable; specialty streams like EV batteries and e-waste are growth premiums), (2) contracted-revenue durability (multi-year municipal contracts, industrial supplier agreements), and (3) environmental compliance and vertical integration. This guide covers real multiples by profile, the named buyers transacting, and the operator-level diligence buyers will run.

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What this guide covers

Recycling multiples 2026: 3x-5x EBITDA for single-yard scrap or small MRF, 4x-6x for regional haulers/recyclers, 5x-7x for mid-size regional platforms with diversified subsegments and contracted revenue, 6x-9x+ for premium scale platforms with specialty stream exposure (e-waste, EV battery recycling).
Active scrap metal buyers: Radius Recycling (NASDAQ: RDUS, fka Schnitzer Steel, $2.5B+ revenue), SA Recycling (Sims+Adams Steel partnership), EMR Group (UK private), PADNOS, OmniSource (Steel Dynamics NASDAQ: STLD subsidiary), Cohen USA, ELG Haniel Group.
Active solid waste buyers: Waste Management (NYSE: WM, $21B+), Republic Services (NYSE: RSG, $15B+), GFL Environmental (NYSE: GFL, $7B+), Casella Waste Systems (NASDAQ: CWST, $1.5B+), Waste Connections (NYSE: WCN, $9B+).
PE sponsor activity: Apollo Global Management, Macquarie Infrastructure Partners, BV Investment Partners, plus multiple specialty industrial PE funds.
Multiple drivers: contracted municipal/industrial revenue durability, commodity pricing leverage, specialty stream exposure (e-waste, EV battery, lithium battery, textile, plastics), processing facility quality, environmental compliance (RCRA, CERCLA), vertical integration.
Things that compress the multiple: commodity-price-volatility exposure without hedging, no contracted revenue, single-customer concentration, weak environmental compliance, owner-operator dependence, legacy sorting/baling equipment, single-stream concentration without diversification.
Sellers pay nothing on CT Strategic Partners’ buyer-paid advisory.

Named recycling M&A transactions (2021-2025)

Target	Buyer	Year	What it tells us
Schnitzer Steel rename to Radius Recycling	Public (NASDAQ: RDUS)	2023	Major scrap-metal consolidator rebranded; signals strategic focus on circular-economy positioning.
Multiple SA Recycling tuck-ins	SA Recycling LLC (Sims+Adams)	2022-2025	California-anchored scrap platform continues aggressive tuck-in M&A in scrap-metal yards.
Multiple GFL tuck-ins	GFL Environmental (NYSE: GFL)	2022-2025	Canadian-listed solid-waste consolidator continues US tuck-in M&A.
Multiple WM and RSG tuck-ins	Waste Management + Republic Services	2022-2025	The two largest US solid-waste public companies continue regional tuck-in M&A.
Casella expansion	Casella Waste Systems (NASDAQ: CWST)	2022-2025	Northeast-focused solid waste consolidator continues regional rollups.
PE-backed specialty rollups (EV battery, e-waste)	Multiple PE platforms	2023-2025	PE sponsors continue specialty stream consolidation (EV battery recycling, e-waste, lithium).

The named buyer landscape

Public scrap metal consolidators

Radius Recycling (NASDAQ: RDUS, $2.5B+ revenue), formerly Schnitzer Steel Industries; the largest US public scrap metal consolidator.
OmniSource (Steel Dynamics NASDAQ: STLD subsidiary), vertically-integrated scrap operation feeding Steel Dynamics’ EAF steelmaking.
SA Recycling LLC (Sims Metal Management + Adams Steel partnership), California-anchored scrap platform.
EMR Group (UK private with large US presence), PADNOS (Midwest), Cohen USA, ELG Haniel Group.

Public solid waste / recycling giants

Waste Management (NYSE: WM, $21B+ revenue), the largest US solid waste and recycling company.
Republic Services (NYSE: RSG, $15B+ revenue), second-largest.
Waste Connections (NYSE: WCN, $9B+ revenue), third-largest, focus on secondary markets.
GFL Environmental (NYSE: GFL, $7B+ revenue), Canadian-listed with significant US presence.
Casella Waste Systems (NASDAQ: CWST, $1.5B+ revenue), Northeast US focus.

PE-backed regional consolidators and specialty platforms

Apollo Global Management, Macquarie Infrastructure Partners, BV Investment Partners, plus multiple specialty industrial PE funds.
PE-backed specialty platforms in EV battery recycling (Li-Cycle, Redwood Materials, ABTC), e-waste (Sims Lifecycle Services, Closed Loop Partners portfolio), textile recycling, plastics circularity.

What each buyer will pay for vs. what they reject

Will pay premium for: multi-year municipal contracts (residential pickup + recycling), industrial supplier agreements (auto parts, demolition, manufacturing), specialty stream exposure (EV battery, lithium, e-waste, textile, plastics circularity), processing facility quality (modern sortation + baling + shredding equipment), environmental compliance (RCRA Subtitle D, CERCLA, state environmental permits), vertical integration (collection + processing + downstream sales channels), multi-state platform scale, scrap metal pricing hedge programs.
Will compress or reject: commodity-price-only revenue without contracted base, single-customer concentration above 20%, weak environmental compliance, legacy sortation/baling equipment, owner-operator dependence, single-stream concentration without diversification, open or recent EPA/state environmental matters, leak detection or groundwater contamination claims.

The operator-level KPI playbook buyers will diligence

Subsegment and stream mix

Subsegment mix: Scrap metal % (ferrous + non-ferrous), MSW (municipal solid waste) %, C&D (construction & demolition) %, e-waste %, EV battery / lithium %, textile %, plastics circularity %.
Revenue mix by stream: Commodity-priced vs. contracted-priced.
Specialty stream exposure: Document EV battery recycling capability, e-waste R2/RIOS certifications, lithium battery handling, hazardous-waste authorizations.

Contracted revenue

Multi-year municipal contracts: Document residential pickup contracts, recycling-stream contracts, commercial route contracts.
Industrial supplier agreements: Auto parts, demolition, manufacturing scrap.
Customer concentration: No single customer above 20%.
Contract renewal pipeline.

Processing facility and equipment

Sortation equipment: Optical sorters, magnetic separators, eddy current separators, manual sort lines.
Baling and shredding: Baler capacity, shredder horsepower, downstream sales-ready output.
Equipment age and maintenance.
Processing throughput (tons per day, tons per labor hour).
Recovery rate by stream.

Commodity pricing and risk

Commodity exposure: Ferrous (HMS-1, HMS-2), non-ferrous (copper, aluminum, brass, stainless), OCC (old corrugated cardboard), mixed paper, plastics (PET, HDPE), glass.
Pricing hedge programs: Index-based pricing in contracts, forward sales, OTC commodity hedges.
Inventory turn: Days of inventory by stream.

Environmental compliance

RCRA Subtitle D / Subtitle C compliance.
CERCLA exposure: Document any historical CERCLA matters, current liabilities.
State environmental permits: Air, water, stormwater, hazardous waste, used oil.
R2 / RIOS / e-Stewards certification: For e-waste / electronics recyclers.
Soil/groundwater monitoring.

Operations and technology

Routing and scheduling: Tower Scale, Routeware, Soft-Pak, NETSCALE, ScaleWatcher.
Scale tickets and ERP: Document electronic scale-ticketing systems.
Customer billing automation.

Workforce

Driver and operator headcount.
CDL retention, OSHA safety record, workers’-comp EMR.
Union vs. non-union staffing.

Dangers and traps in recycling M&A

1. Commodity-price-only revenue without contracted base

Spot commodity pricing is volatile; multi-year contracts with index-based pricing protections are the multiple-builder.

2. Environmental compliance and CERCLA exposure

Historical contamination, groundwater issues, RCRA violations, used-oil handling matters, document everything. Open EPA or state matters can be deal-killers.

3. Single-customer concentration

Above 20% single-customer concentration creates churn-risk reserve.

4. Legacy processing equipment

Optical sortation, eddy current separators, modern baling/shredding all materially improve recovery rate and downstream sales-ready output. Legacy equipment compresses.

5. Specialty stream certification gaps

R2 / RIOS / e-Stewards certifications are required for premium e-waste pricing. EV battery recycling has emerging regulatory requirements; document chain-of-custody and processing capabilities.

6. Owner-operator dependence

Build the operations and sales management bench.

7. Hidden environmental liabilities on owned real estate

Many recycling facilities operate on owned land; soil/groundwater contamination history can be a deal-killer. Phase I and Phase II environmental site assessments required.

8. CDL driver shortage and labor cost

CDL driver labor cost has risen materially; document wage trends and driver retention.

Our POV on recycling M&A in 2026

Single-yard scrap or small MRF operators ($500k-1.5M EBITDA) sell at 3x-5x EBITDA. Buyer pool is regional consolidators and the public/strategic giants doing geographic tuck-ins.
Regional haulers/recyclers ($1.5-4M EBITDA) go 4x-6x EBITDA.
Mid-size regional platforms with contracted revenue ($4-12M EBITDA) are in the strategic-acquirer sweet spot. 5x-7x EBITDA.
Premium scale platforms with specialty stream exposure ($12M+ EBITDA, multi-state, EV battery / e-waste / specialty streams) reach 6x-9x+ EBITDA.

The right time to prepare is 12-18 months before going to market, lock in multi-year contracts, develop specialty stream capabilities, address environmental compliance, modernize processing equipment, and build the management bench.

Preparing your recycling business for sale: 12-18 months out

Get multi-year audited or reviewed financials. Break out revenue by subsegment, stream, contract type.
Lock in multi-year contracts. Municipal pickup contracts, industrial supplier agreements with index-based pricing protections.
Develop specialty stream capabilities. EV battery recycling, e-waste (R2 / RIOS / e-Stewards certified), lithium, textile, plastics circularity.
Address environmental compliance. Phase I / Phase II environmental site assessments, RCRA compliance, state permits all current.
Modernize processing equipment. Optical sorters, modern baling/shredding, improved recovery rates.
Document commodity hedging. Index-based pricing, forward sales, OTC hedges where appropriate.
Build the management bench.
Document workers’-comp record and EMR.
Document add-backs and KPIs.
Run a competitive process. Scrap metal: Radius (RDUS), SA Recycling, EMR, PADNOS, OmniSource, Cohen, ELG. Solid waste: WM, RSG, WCN, GFL, CWST. Plus PE sponsors (Apollo, Macquarie Infrastructure, BV Investment Partners).

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About the Author

Christoph Totter is the founder of CT Acquisitions, a buy-side partner headquartered in Sheridan, Wyoming. We work directly with 100+ buyers, search funders, family offices, lower middle-market PE, and strategic consolidators, including direct mandates with the largest consolidators that other intermediaries cannot access. The buyers pay us when a deal closes, not the seller. No retainer, no exclusivity, no contract until close. Connect on LinkedIn · Get in touch

Frequently asked questions

What is the typical multiple for a recycling business in 2026?

Single-yard scrap or small MRF operators ($500k-1.5M EBITDA) typically sell at 3x-5x EBITDA. Regional haulers/recyclers ($1.5-4M EBITDA) go 4x-6x. Mid-size regional platforms with contracted revenue ($4-12M EBITDA) go 5x-7x. Premium scale platforms ($12M+ EBITDA, multi-state, specialty streams like EV battery or e-waste) reach 6x-9x+.

Who are the active buyers of recycling businesses right now?

Scrap metal: Radius Recycling (NASDAQ: RDUS, formerly Schnitzer Steel, $2.5B+ revenue), SA Recycling LLC (Sims Metal Management + Adams Steel partnership), EMR Group (UK private), PADNOS, OmniSource (Steel Dynamics NASDAQ: STLD subsidiary), Cohen USA, ELG Haniel Group. Solid waste: Waste Management (NYSE: WM, $21B+), Republic Services (NYSE: RSG, $15B+), Waste Connections (NYSE: WCN, $9B+), GFL Environmental (NYSE: GFL, $7B+), Casella Waste Systems (NASDAQ: CWST, $1.5B+). PE sponsors: Apollo Global Management, Macquarie Infrastructure Partners, BV Investment Partners.

What hurts a recycling business’s valuation most?

Commodity-price-only revenue without contracted base, environmental compliance issues or CERCLA exposure, single-customer concentration above 20%, legacy processing equipment, missing specialty stream certifications (R2/RIOS/e-Stewards for e-waste), hidden environmental liabilities on owned real estate, owner-operator dependence, and CDL driver shortages.

Why are specialty streams (EV battery, e-waste) premium?

Specialty streams have higher per-ton economics, growth trajectories (EV battery recycling is a structural growth market as EV fleet ages), regulatory tailwinds, and named institutional customers. PE sponsors are actively building specialty platforms (Li-Cycle, Redwood Materials, ABTC for EV battery; Sims Lifecycle Services for e-waste). Premium scale recyclers with named specialty exposure achieve the highest multiples in the sector.

How important is environmental compliance?

Non-negotiable. Phase I and Phase II environmental site assessments on owned real estate, RCRA Subtitle D/C compliance, CERCLA exposure documentation, state environmental permits (air, water, stormwater, hazardous waste, used oil), and groundwater monitoring records are all critical. Open EPA or state matters can be deal-killers.

Do I have to pay a broker fee?

No. CT Strategic Partners runs a buyer-paid M&A advisory model. The seller pays nothing. The buyer pays the success fee at closing.

How long does it take to sell a recycling business?

Once you go to market with a buyer-paid advisor, a typical process runs 6-9 months from initial outreach to closing, with the longer end driven by environmental and regulatory diligence. Add 12-18 months of preparation work before going to market.

When should I start preparing if I plan to sell in 2027 or 2028?

12-18 months before going to market is the right window. Highest-leverage pre-sale work: lock in multi-year contracts, develop specialty stream capabilities (especially EV battery / e-waste with R2/RIOS certification), address environmental compliance with Phase I/II assessments, modernize processing equipment, document commodity hedging.