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Acquisitions
 3 Months Ended
Mar. 31, 2026
Business Combination [Abstract]  
Acquisitions ACQUISITIONS
Acquisitions Completed in 2026
Acquisition of Mega
On January 16, 2026, the Company completed the acquisition of all of the outstanding equity interests of Mega Equipment LLC (“Mega”). Mega is a leading manufacturer of specialty vehicles and equipment for use in global metal extraction and construction markets. The Company expects that the Mega acquisition will strengthen its specialty vehicle market position by expanding its metal extraction support equipment offerings.
The assets and liabilities of Mega have been consolidated into the Company’s Condensed Consolidated Balance Sheet as of March 31, 2026, and the post-acquisition results have been included in Condensed Consolidated Statement of Operations, within the Environmental Solutions Group.
The initial cash consideration paid by the Company to acquire Mega was $45 million, inclusive of certain preliminary closing adjustments. Any additional closing adjustments are currently expected to be finalized in the second quarter of 2026.
The acquisition is being accounted for in accordance with ASC 805, Business Combinations. Accordingly, the total purchase price has been allocated on a preliminary basis to assets acquired and liabilities assumed in connection with the acquisition based on their estimated fair values as of the completion of the acquisition. A single estimate of fair value results from a complex series of judgments about future events and uncertainties and relies heavily on estimates and assumptions. The Company’s judgments used to determine the estimated fair value assigned to each class of assets acquired and liabilities assumed, as well as asset lives, can materially impact the Company’s results of operations. Due to the proximity of the date of acquisition to the date of issuance of the condensed consolidated financial statements, the Company’s purchase price allocation as of March 31, 2026 reflects various provisional estimates that were based on the information that was available as of the acquisition date and the filing date of this Form 10-Q. The Company believes that information provides a reasonable basis for estimating the fair values of assets acquired and liabilities assumed; however, the determination of those fair values is not yet finalized. Thus, the preliminary measurements of fair value set forth in the table below are subject to change during the measurement period as valuations are finalized. The Company expects to finalize the valuation and complete the purchase price allocation as soon as practicable, but not more than one year from the acquisition date.
The following table summarizes the preliminary fair values of assets acquired and liabilities assumed as of the acquisition date:
(in millions)
Purchase price, inclusive of preliminary closing adjustments (a)
$45.0 
Total consideration45.0 
Cash0.1 
Accounts receivable2.7 
Inventories11.8 
Prepaid expenses and other current assets0.3 
Properties and equipment11.8 
Customer relationships (b)
9.0 
Trade names (c)
6.8 
Accounts payable(1.0)
Accrued liabilities(0.7)
Customer deposits(3.0)
Net assets acquired37.8
Goodwill (d)
$7.2 
(a)     The initial purchase price, which is subject to certain post-closing adjustments, including working capital, was funded through existing cash on hand and borrowings under the Company’s credit agreement.
(b)    Represents the preliminary fair value assigned to customer relationships, which are considered to be definite-lived intangible assets, with a preliminary estimated useful life of approximately 10 years.
(c)    Represents the preliminary fair value assigned to trade names, which are considered to be indefinite-lived intangible assets.
(d)    Goodwill, which is tax-deductible, has been allocated to the Environmental Solutions Group on the basis that the synergies identified will primarily benefit this segment.
In the period between the January 16, 2026 closing date and March 31, 2026, Mega generated approximately $11.8 million of net sales and $2.4 million of operating income.
The acquisition was not, and would not have been, material to the Company’s net sales, results of operations, or total assets during any period presented. Accordingly, the Company’s consolidated results from operations do not differ materially from historical performance as a result of the acquisition, and therefore, unaudited pro-forma results are not presented.
Acquisitions Completed in 2025
Acquisition of New Way
On November 25, 2025, the Company completed the acquisition of all of the outstanding equity interests of Scranton Manufacturing Company LLC d/b/a New Way Trucks (“New Way”). New Way is a leading U.S.-based designer and manufacturer of refuse collection vehicles.
The initial cash consideration paid by the Company to acquire New Way was approximately $413 million, inclusive of certain preliminary closing adjustments. Any additional closing adjustments are expected to be finalized before the end of the second quarter of 2026. In addition, there is a contingent earn-out opportunity of up to $54.0 million, based on the achievement of certain specified financial targets over a two-year period.
As of March 31, 2026, the Company’s purchase price allocation reflects various provisional estimates that were based on the information that was available as of the acquisition date and the filing date of this Form 10-Q. The Company believes that information provides a reasonable basis for estimating the fair values of assets acquired and liabilities assumed; however, the determination of those fair values, including the third-party valuation of acquired intangible assets, is not yet finalized. Thus, the preliminary measurements of fair value set forth in the table below are subject to change during the measurement period as valuations are finalized. During the three months ended March 31, 2026, the Company recognized certain measurement period adjustments that did not materially affect either the carrying value of goodwill previously recognized as of December 31, 2025 or the Company’s Condensed Consolidated Statement of Operations for the three months ended March 31, 2026. The Company expects to finalize the valuation and complete the purchase price allocation as soon as practicable, but not more than one year from the acquisition date.
The following table summarizes the preliminary fair values of assets acquired and liabilities assumed as of the acquisition date:

(in millions)
Purchase price, inclusive of preliminary closing adjustments (a)
$413.5 
Estimated fair value of additional consideration (b)
10.7 
Total consideration424.2 
Cash9.4 
Accounts receivable60.0 
Inventories85.5 
Prepaid expenses and other current assets0.7 
Properties and equipment31.1 
Finance lease right-of-use assets (c)
7.4 
Operating lease right-of-use assets0.1 
Customer relationships (d)
113.0 
Trade names (e)
50.5 
Accounts payable(10.6)
Accrued liabilities(9.8)
Customer deposits(15.7)
Operating lease liabilities(0.1)
Finance lease liabilities (c)
(1.8)
Net assets acquired319.7
Goodwill (f)
$104.5 
(a)     The initial purchase price, which is subject to certain post-closing adjustments, including working capital, was funded through existing cash on hand and borrowings under the Company’s credit agreement.
(b)    Represents the preliminary estimate of fair value assigned to the contingent earn-out payment as of the acquisition date, which is included in Other long-term liabilities on the Condensed Consolidated Balance Sheet as of March 31, 2026. See Note 13 – Fair Value Measurements for discussion of the methodology used to determine the fair value of the contingent earn-out payment.
(c)    Represents the preliminary fair value assigned to acquired finance lease right-of-use assets and finance lease liabilities.
(d)    Represents the preliminary fair value assigned to customer relationships, which are considered to be definite-lived intangible assets, with a preliminary estimated useful life of approximately 15 years.
(e)    Represents the preliminary fair value assigned to trade names, which are considered to be indefinite-lived intangible assets.
(f)    Goodwill, which is tax-deductible, has been allocated to the Environmental Solutions Group on the basis that the synergies identified will primarily benefit this segment.

Acquisition of Waterblasting LLC
On February 12, 2025, the Company completed the acquisition of substantially all the assets and operations of Waterblasting, LLC, owner of Hog Technologies, and Waterblasting Eurasia, s.r.o. (collectively, “Hog”). Hog is a leading U.S. manufacturer of truck-mounted road-marking, line-removal, and waterblasting equipment, serving infrastructure, municipal, and airport markets.
The cash consideration paid by the Company to acquire Hog was $82.5 million, inclusive of certain closing adjustments. In addition, there was a contingent earn-out payment of up to $15.0 million that was based on the achievement of certain financial targets during 2025. During the three months ended March 31, 2026, the Company paid additional consideration of $15.0 million to settle the contingent consideration liability associated with the acquisition. Of the $15.0 million of additional consideration paid, $3.5 million has been included as a component of Net cash provided by operating activities within the Condensed Consolidated Statement of Cash Flows with the remaining $11.5 million representing the fair value of the contingent consideration established in the Company’s purchase price allocation, being included as a component of Net cash (used for) provided by financing activities.
During the three months ended March 31, 2026, the Company finalized the Hog purchase price allocation and recognized certain measurement period adjustments, which did not have a material impact on the carrying value of goodwill previously
recognized as of December 31, 2025. The measurement period adjustments did not have a material impact on the Company’s Condensed Consolidated Statement of Operations for the three months ended March 31, 2026.

The following table summarizes the fair value of assets acquired and liabilities assumed as of the acquisition date:
(in millions)
Purchase price, inclusive of closing adjustments (a)
$82.5 
Estimated fair value of additional consideration (b)
11.5 
Settlement of pre-existing contractual relationship (c)
0.9 
Total consideration94.9 
Accounts receivable6.7 
Inventories9.7 
Prepaid expenses and other current assets1.0 
Properties and equipment18.1 
Customer relationships (d)
23.7 
Trade names (e)
12.4 
Other intangible assets3.0 
Accounts payable(3.8)
Accrued liabilities(1.3)
Customer deposits(5.4)
Net assets acquired64.1
Goodwill (f)
$30.8 
(a)     The purchase price was funded through existing cash on hand and borrowings under the Company’s credit agreement. The purchase price included an amount of $10.0 million, which was paid by the Company at closing and placed into an escrow account. Based on Hog’s financial results for the year ended December 31, 2025, the amount placed in escrow was released to the former owner of Hog during the three months ended March 31, 2026. The Company assigned a fair value to this contingent consideration of $10.0 million as of the acquisition date.
(b)    Represents the fair value assigned to the contingent earn-out payment as of the acquisition date. See Note 13 – Fair Value Measurements for discussion of the methodology used to determine the fair value of the contingent earn-out payment.
(c)    Represents the non-cash settlement of accounts receivable due from Hog to the Company as of the acquisition date. Corresponding amount payable by Hog to the Company is not included in accounts payable assumed in the table above, and the amount was settled at fair value with no impact on the Condensed Consolidated Statement of Operations in 2025.
(d)    Represents the fair value assigned to customer relationships, which are considered to be definite-lived intangible assets, with an estimated useful life of approximately 12 years.
(e)    Represents the fair value assigned to trade names, which are considered to be indefinite-lived intangible assets.
(f)    Goodwill, which is tax-deductible, has been allocated to the Environmental Solutions Group on the basis that the synergies identified will primarily benefit this segment.