SK Capital Reaches Agreement to Sell Milestone Environmental to I Squared Capital
New York, NY (July 7, 2026) – Affiliates of funds advised by SK Capital Partners, LP (“SK Capital”), a private investment firm focused on the material sciences, specialty ingredients and life sciences sectors, announced today that they have reached an agreement to sell Milestone Environmental (“Milestone”) to I Squared Capital (“I Squared”), an independent global infrastructure investor.
Acquired by SK Capital in 2023, Milestone is a leading environmental infrastructure company that provides waste management solutions across the energy and industrial sectors. Milestone owns and operates 15 fully permitted disposal facilities strategically located across the most active U.S. energy basins. Under SK Capital’s ownership, Milestone grew meaningfully and strengthened its position as a leading environmental infrastructure platform, including through the expansion of its facility network, the addition of capabilities that broadened the scope of waste treated, and the establishment of its industrial waste division.
Jack Norris, a Managing Director at SK Capital, said, “It has been a privilege to partner with Gabriel Rio and the entire Milestone team. Over the last three years, we’ve repositioned the Company by enhancing its market leadership, adding new capabilities and expanding into new markets. We believe Milestone is well-positioned to thrive under I Squared’s ownership. We are grateful to all of Milestone’s employees and wish them continued success.”
Gabriel Rio, Founder, President and Chief Executive Officer at Milestone added, “We are grateful for our partnership with SK Capital, whose support helped accelerate the growth and development of our platform. We have grown the business substantially and put it in a strong position for its next phase of growth. We look forward to building on that momentum in our new partnership with I Squared.”
The transaction is expected to close in Q4 2026, subject to customary closing conditions and regulatory approvals. Houlihan Lokey is serving as financial advisor and Latham & Watkins LLP is serving as legal counsel to Milestone and SK Capital Partners.
About Milestone Environmental
Milestone Environmental is a leading environmental infrastructure company delivering reliable, safe, compliant and best-in-class 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 1.3 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. For more information, visit www.milestone-es.com.
About SK Capital
SK Capital is a transformational private investment firm with a disciplined focus on the material sciences, specialty ingredients, and life sciences sectors. The firm seeks to build resilient, sustainable, and growing businesses that create substantial long-term value. SK Capital aims to utilize its industry, operating, and investment experience to identify opportunities to transform businesses into higher performing organizations with improved strategic positioning, growth, and profitability, as well as lower operating risk. SK Capital has raised funds with over $9 billion in capital commitments since its inception. For more information, please visit www.skcapitalpartners.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.