I Squared Capital has agreed to purchase Milestone Environmental from SK Capital Partners, according to a statement released July 7.
The Houston-based environmental infrastructure platform specializes in waste management services for energy and industrial clients.
The deal value was not disclosed.
The acquisition marks I Squared's expansion into energy-adjacent infrastructure through its primary investment vehicle. Milestone operates across multiple waste streams generated by upstream, midstream, and downstream energy operations.
SK Capital will exit its stake through the deal.
The deal reflects ongoing consolidation within environmental services supporting hydrocarbon operations and industrial manufacturing. Infrastructure investors have sought platforms offering recurring revenue and regulatory-driven demand, particularly as energy companies face stricter environmental compliance requirements and waste disposition standards.
Financial advisors and expected closing timeline were not specified in the announcement. The transaction remains subject to customary closing conditions.