Case study · M&A integration · 2026
Governing $120M of synergies: a $2.7B environmental services merger
A hazardous-waste platform merger carried a nine-figure synergy commitment and needed governance that would stand up in the boardroom.
The challenge
Two hazardous-waste businesses combined into one platform with a $120M synergy commitment. Procurement, fleet and logistics, real estate and waste internalization each carried part of the number, and leadership needed one view of what was real, run-rate and repeatable.
Mohannad Gomaa served as IMO Director, governing the operational synergy program across four workstreams and reporting realization to executive leadership.
What we did
- Governed four synergy workstreams: procurement, fleet and logistics, real estate, and waste internalization.
- Set baselines and costs-to-achieve for every initiative.
- Separated run-rate from one-time value so the board saw synergies it could audit.
- Built a synergy control tower tracking each initiative from idea to realized.
- Redesigned the RACI behind the largest operational lever so it could move.
Impact and results for the client
- $120M synergy commitment tracked initiative by initiative
- $68M of revenue at dis-synergy risk mitigated
- Run-rate and one-time value reported separately to the board
- Largest operational lever unblocked through a clear RACI
- A control tower leadership kept using after the program
More case studies
Other results.
working capital released on a $1B carve-out, with S&OP rebuilt.
Read the case study →with no disruption to operations or customers, run through a cross-functional IMO.
Read the case study →on one PMO playbook and Value Realization Office.
Read the case study →Facing a similar situation?
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