I Squared Capital Acquires VLS Environmental Solutions From Aurora Capital Partners

I Squared Capital To Acquire Milestone Environmental From SK Capital Partners

July 9, 2026

Environmental Services

I Squared Capital entered into a definitive agreement to acquire Milestone Environmental, an independent energy and industrial waste management platform, from SK Capital Partners. The deal is expected to close in 4Q 2026, subject to customary closing conditions and regulatory approvals; financial terms were not disclosed.

I Squared Capital to Acquire Enva

April 21, 2023

Environmental Services

I Squared Capital, via its ISQ Global Infrastructure Fund III, has signed a definitive agreement to acquire Enva, an environmental services and resource recovery platform in the UK and Ireland. Enva operates 34 facilities and provides specialized, regulated waste management services with a focus on hazardous and specialist waste and low-CO2 recycled materials.

VLS Environmental Solutions Acquires SRE Environmental

February 8, 2023

Environmental Services

Houston-based VLS Environmental Solutions, a portfolio company of I Squared Capital, has acquired Phoenix-based SRE Environmental, a provider of commercial and industrial wastewater and solid waste management services. The add-on expands VLS's footprint and capabilities in the western United States, adding evaporation-pond wastewater disposal, tanker transport assets and new customer relationships; financial terms were not disclosed.

VLS Environmental Solutions Acquires Texas Molecular

January 10, 2023

Environmental Services

VLS Environmental Solutions, a Houston-based platform backed by I Squared Capital, has acquired Texas Molecular, a Deer Park- and Corpus Christi-based provider of hazardous and non-hazardous liquid industrial waste handling, treatment and sequestration. The acquisition expands VLS's capabilities into hazardous waste processing and sequestration; Texas Molecular manages over 75 million gallons annually and the combined platform now has more than 1,000 employees and 38 locations across North America.

VLS Environmental Solutions Acquires Safety Railway Service

September 2, 2022

Environmental Services

VLS Environmental Solutions, a portfolio company of I Squared Capital, has acquired Safety Railway Service (SRS), expanding VLS' railcar cleaning and repair footprint from three to twelve locations. The acquisition brings SRS's full-service railcar repair, fabrication and cleaning capabilities into VLS's Railcar Cleaning and Repair Services division; terms were not disclosed.

VLS Recovery Services (Aurora Capital) Acquires Environmental Recovery Corporation (ERC)

September 21, 2021

Environmental Services

VLS Recovery Services, a portfolio company of Aurora Capital Partners, has acquired Environmental Recovery Corporation (ERC) from Rock Island Capital. ERC — based in Lancaster, Pennsylvania — will operate within VLS's Waste division to expand VLS's wastewater treatment and industrial waste management capabilities and extend its footprint in the Mid-Atlantic and Midwest.