I Squared agrees to buy Milestone Environmental from SK Capital
PE Hub reported that financial terms were not disclosed for the planned acquisition of the Houston environmental infrastructure company.
By Amanda Ross · Deals Correspondent
· 2 min read
I Squared Capital has agreed to acquire Milestone Environmental, a Houston-based environmental infrastructure company, from SK Capital Partners, according to PE Hub. Financial terms were not disclosed, and PE Hub reported that the transaction is expected to close in the fourth quarter of 2026.
The agreement would transfer ownership of Milestone from one private capital sponsor to another, subject to completion of the deal. In a private acquisition of this type, the buyer typically purchases the equity of the company from the existing owner, with closing dependent on the conditions set out in the transaction documents. PE Hub did not report the purchase price, financing structure or any regulatory conditions.
Milestone profile
Milestone was founded in 2014, according to PE Hub. The company is based in Houston and operates in environmental infrastructure, a field that sits at the intersection of industrial activity, energy operations and waste management services.
PE Hub reported that Gabriel Rio serves as Milestone’s founder, president and chief executive officer. No management changes were disclosed in the reported transaction details.
Private capital context
I Squared Capital is the buyer in the agreed transaction, while SK Capital Partners is the seller, according to PE Hub. The report did not include comments from I Squared, SK Capital or Milestone.
The absence of disclosed financial terms limits the immediate read-through for valuation in the environmental services and infrastructure sector. Investors and sector participants typically look to deal size, leverage, earnings multiples and asset base when assessing comparable transactions, but those figures were not provided.
The expected fourth-quarter 2026 closing date leaves the transaction pending for an extended period, based on the timeline reported by PE Hub. Until closing, Milestone remains subject to the ownership arrangements in place with SK Capital Partners unless the parties announce otherwise.
The deal adds to private capital activity in infrastructure-related services, where sponsors have shown interest in businesses tied to environmental compliance, industrial services and asset-heavy operating platforms. PE Hub classified the item under energy and power.
This story draws on original reporting from PE Hub.
