Casella Waste Systems (CWST) 12th Annual Waste & Environmental Services Symposium summary

Leadership and culture

• Executive chairman now focuses on cultural leadership and communication across the organization.

• Emphasis on maintaining company culture during rapid growth and acquisitions.

• Senior leaders relocated to new regions to instill company values after major acquisitions.

• Young talent promoted to backfill leadership roles, spreading culture company-wide.

Labor and workforce development

• CDL school has graduated 400 drivers, easing labor market tightness for drivers and mechanics.

• Transition from rear load to automated trucks allows helpers to become drivers, improving efficiency.

• Recruitment now targets high school and trade school students to attract younger talent.

M&A strategy and capital allocation

• Active M&A pipeline valued at $500 million, focused within existing geographic footprint.

• Expansion likely to continue along the East Coast and into Ohio, not skipping states.

• Leverage currently between 2.5x and 3x debt to EBITDA, with appetite for moderate increases.

• Typical acquisitions are $50–$100 million revenue companies, often tuck-ins with margin improvement potential.

• Acquisitions evaluated on unlevered after-tax IRR, with internal investments prioritized if returns are attractive.