Investment expands I Squared’s environmental infrastructure portfolio with an essential energy and industrial waste management platform serving the most active U.S. energy basins

I Squared Capital (“I Squared”), a leading independent global infrastructure investor, today announced that through its flagship fund, it has entered into a definitive agreement to acquire Milestone Environmental (“Milestone” or the “Company”), a leading independent environmental infrastructure company providing waste management solutions across the energy and industrial sectors. Milestone is being acquired from SK Capital Partners.

Headquartered in Houston, Texas, Milestone owns and operates 15 fully permitted disposal facilities for oil and gas drilling, completion, and production waste streams strategically located across the most active U.S. energy basins, including the Permian's Delaware and Midland sub-basins, the Eagle Ford, and the Haynesville.

Energy waste management is a critical component of the energy value chain. As activity in the Permian Basin continues to drive a significant share of domestic and global oil and gas supply, demand for reliable, environmentally compliant waste management infrastructure is an essential service for oil and gas operators. Through its integrated network and proprietary processes, Milestone provides end-to-end treatment and disposal solutions for both liquid and solid waste streams generated by oil and gas production.

Building on this platform, Milestone has also begun expanding into industrial waste management, applying its regulatory expertise, infrastructure and geological capabilities to a broader range of hazardous and non-hazardous industrial waste streams and unlocking new avenues for potential long-term growth.

Gautam Bhandari, Managing Partner and Chief Investment Officer at I Squared Capital commented, "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."

Gabriel Rio, Founder, President and Chief Executive Officer at Milestone said, “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.”

Jack Norris, a Managing Director at SK Capital, added, “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.”

Founded in 2014, Milestone has established itself as the leading independent slurry injection provider across the Permian Basin, Eagle Ford, and Haynesville. Its patented slurry injection process enables the environmentally secure and cost-effective disposal of complex oilfield waste, while its diversified network of slurry injection facilities and engineered landfills provides customers with seamless, end-to-end waste management solutions. The company is now applying that same expertise to industrial waste management, extending its regulatory capabilities to a broader set of customers and industries.

The transaction is expected to close in 4Q 2026, subject to customary closing conditions and regulatory approvals. The financial terms of the transaction were not disclosed.

Houlihan Lokey is serving as financial advisor and Latham & Watkins LLP is serving as legal counsel to Milestone and SK Capital Partners. Simpson Thacher & Bartlett LLP is serving as legal counsel to I Squared Capital.

About I Squared Capital
I Squared Capital is a leading independent global infrastructure investor dedicated to the mid-market, managing over $60 billion in assets. Founded in 2012, I Squared has evolved into one of the most diverse infrastructure investors in the world, with investments across power & utilities; transportation & logistics; digital infrastructure; environmental infrastructure; and social infrastructure, providing essential services to millions of people worldwide. Today, the portfolio includes over 100 companies operating in more than 70 countries. Headquartered in Miami, the firm has offices in Abu Dhabi, London, Munich, New Delhi, São Paulo, Singapore, Sydney and Taipei. Learn more at www.isquaredcapital.com.

About Milestone Environmental
Milestone Environmental is a leading environmental infrastructure company delivering waste management solutions for the energy and industrial sectors. Headquartered in Houston, Texas, Milestone operates a network of permitted facilities across Texas and New Mexico — including slurry injection sites and engineered landfills — using a patented, advanced injection technology to permanently and securely isolate waste underground. Each year, Milestone manages approximately one billion gallons of waste, helping customers reduce risk and meet their environmental and regulatory goals. Founded in 2014, the company is now extending its expertise into industrial waste management to serve a broader range of industries. Learn more at www.milestone-es.com.

About SK Capital
SK Capital is a transformational private investment firm with a disciplined focus on the material sciences, specialty ingredients, and life sciences sectors. The firm seeks to build resilient, sustainable, and growing businesses that create substantial long-term value. SK Capital aims to utilize its industry, operating, and investment experience to identify opportunities to transform businesses into higher performing organizations with improved strategic positioning, growth, and profitability, as well as lower operating risk. SK Capital has raised funds with over $9 billion in capital commitments since its inception. For more information, please visit www.skcapitalpartners.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260707331443/en/

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.