Current portfolio

Heritage Environmental Services

One of the largest vertically-integrated industrial waste management platform with 28 fully-permitted facilities managing ~660k tons of industrial waste and recycling ~165k tons for alternative use.

  • Sector
  • Country
    United States
  • Responsible Advisor
    JD Vargas
  • Entry

Founded in 1970, Heritage Environmental Services ("HES") is a leading provider of sustainability and industrial waste management services in the US. The company is a leading vertically integrated waste management platform with a broad network of processing facilities and transportation fleet that serves as an essential component of the industrial waste value chain by preparing, treating, transporting and ultimately disposing of the most regulated and sensitive waste streams. The Company is headquartered in Indianapolis, IN and has 37 highly regulated facilities strategically located in key industrial hubs across the US. HES and its nearly 1,600 full-time team members safely manage approximately 660 thousand tons of industrial waste per year for more than 1,800 customers.The company’s wide array of tailored solutions from waste disposal, on-site support, and technical solutions to emergency response and sustainability services, address customers’ complex waste problems across more than a thousand waste types. The company specializes in collecting, treating, and storing waste at regional facilities before disposing of it through regulatory approved methods such as incineration or reclamation. HES also merges Technical Services for compliance and training, Field Services for emergency responses like oil spills, and On Site Services for specialized waste treatments into a comprehensive environmental solution.

Market Trends and Drivers:
Industrial waste management is a vital part of the waste disposal value chain, offering total elimination of waste from the environment and enabling safe and sustainable industrial manufacturing and production. Compelling market tailwinds from US industrial output growth, manufacturing onshoring, bipartisan policy incentives such as the CHIPS and Science Act (CHIPS), and outsourcing is increasing the need for industrial waste management services. HES, with its 50+ year operational track record and national footprint, is well positioned to be a leading partner to industrial customers.

Investment Potential:
HES aligns directly with EQT’s thematic approach of investing in businesses that provide essential environmental services to society and ensures sustainability and compliance in manufacturing and production processes across all major industrial end markets. Under EQT’s ownership, HES will continue to differentiate its service offerings, with a focus on innovation and sustainable services. EQT will continue to pursue the most innovative reuse, recycle, treatment and disposal solutions for our customers. Additionally, EQT is committed to growing HES’s team, realizing near-term operational upgrades, enhancing customer partnerships, investments in organic projects and building greater trust with the industrial customers that HES serves.

Board of directors

  • Chairperson
    Howard Lance
  • Board member
    Teri Myers
  • Board member
    Elliott Laws
  • Board member
    JD Vargas
  • Board member
    Jeff Laborsky
  • Board member
    David Rosen


  • CEO
    HP Nanda
  • President
    Ernie Walker
  • CFO
    Jon Neale
  • COO
    Winde Hamrick
EQT logo