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Sunday, August 25 Business

Westport investor sells soil remediation co. for $625M

Harsco is spending $625 million to acquire Clean Earth from Westport-based Compass Diversified Holdings, which is recording a $200 million gain on the transaction.

Clean Earth is based in Hatboro, Pa. and provides recycling and disposal services for contaminated soil, construction debris and electronics among other forms of waste. Harsco has its headquarters in Camp Hill, Pa. and runs multiple industrial businesses including a division that recovers minerals from slag and other environmental services for the steel industry.

Compass acquired Clean Earth in 2014 and two years later expanded it with the acquisition of Phoenix Soil, which cleans petroleum-contaminated soil for new uses at a plant in Plainville; and adding last year a waste water treatment company with facilities in Detroit and Charlotte, N.C.

Under CEO Elias Sabo, Compass owns and operates a number of businesses that generated $403 million in revenue in the first quarter of 2019, with its portfolio including Sterno, Ergobaby and Liberty Safe which sells home vaults for the storage of firearms.

Earlier this year, Compass recorded a $122 million gain on the sale of Manitoba Harvest which sells hemp-based foods, oils and supplements.

Alex.Soule@scni.com; 203-842-2545; @casoulman

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