Milestone Environmental Completes Transition to I Squared Capital Ownership
HOUSTON, October 6, 2026 – Milestone Environmental (“Milestone”), a leading environmental infrastructure company delivering waste management solutions for the energy and industrial sectors, today announced that I Squared Capital (“I Squared”), a leading independent global infrastructure investor, has completed its acquisition of Milestone from SK Capital Partners through its flagship fund. The agreement was first announced on July 7, 2026.
Founded in 2014 and headquartered in Houston, Milestone owns and operates 15 fully permitted facilities, including slurry injection sites and engineered landfills, across the most active U.S. energy basins: the Permian’s Delaware and Midland sub-basins, the Eagle Ford and the Haynesville. Its patented slurry injection process provides end-to-end treatment and disposal for liquid and solid waste streams. Through Milestone Industrial, the company is applying that same regulatory and geological expertise to a growing range of hazardous and non-hazardous industrial waste streams.
“Today marks the start of our next chapter,” said Gabriel Rio, Founder, President and Chief Executive Officer of Milestone. “With I Squared as our partner, we’re positioned to expand our reach, broaden our service offering, and keep delivering the safe, reliable service our customers depend on every day. I want to thank our employees, whose work made this possible, and SK Capital for a partnership that strengthened and grew our platform.”
Financial terms of the transaction were not disclosed. Houlihan Lokey served as financial advisor and Latham & Watkins LLP served as legal counsel to Milestone and SK Capital Partners. Simpson Thacher & Bartlett LLP served as legal counsel to I Squared Capital.
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 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.