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Keter Environmental Services to Merge with Waste Harmonics

Waste Harmonics

TPG-Backed Combination Creates Leading, Diversified Managed Waste Service Provider

STAMFORD, Conn. and ROCHESTER, N.Y. – June 16, 2023 – Keter Environmental Services (“Keter”), a leading recycling and waste management company owned by global alternative asset management firm, TPG, and Waste Harmonics, a national technology-enabled managed waste service provider backed by global alternative investments firm Arcapita, today announced that the companies have signed a definitive agreement to combine the two companies.

Following the close of the transaction, Keter CEO Kevin Dice will serve as CEO of the combined company. Waste Harmonics’ Founder and CEO, Mike Hess, will assume the role of Executive Chairman and Keter Founder and President, Steve Schlussel, will continue in his role as President. With deep industry experience, both Mr. Hess and Mr. Schlussel will remain active in supporting the combined company’s growth strategy under Mr. Dice’s leadership.

Similar to Keter, Waste Harmonics leverages a national network of haulers and proprietary technology to coordinate, manage, and optimize its customers’ waste and recycling programs. Together, Keter and Waste Harmonics will service nearly 70,000 business locations for 750 customers across a wide range of industries.

“This transaction comes at a time of considerable momentum for both Keter and Waste Harmonics and we are pleased to be joining forces to create a leading managed waste service provider,” said Mr. Dice. “Together, we will expand our offerings, enhance our sustainability reporting capabilities, and continue to utilize the best data and technology to provide exceptional service to our growing customer base. We have long admired Waste Harmonics and look forward to partnering with Mike and his team as we leverage the complementary expertise and deep industry relationships that will continue to propel our collective success.”

“In the 20+ years since our founding, Waste Harmonics has established a customer-first culture based on long-term business relationships and delivering a truly customized approach to all of our clients,” said Mr. Hess. “That approach has been the catalyst for our growth and together, Keter and Waste Harmonics are well-positioned to benefit from evolving customer preferences, including the centralization of procurement, focus on service quality, and increased waste stream complexity. I’m excited to take on this new role as Executive Chairman of the combined company and to support the team in executing on our shared goals.”

TPG acquired Keter in 2021 and has partnered with the team to achieve impressive strategic and organic growth. This transaction includes a significant investment from TPG Growth, the firm’s middle market and growth equity platform. Arcapita acquired Waste Harmonics in 2019 and as part of this transaction, TPG Growth will purchase Arcapita’s stake in the company. Terms of the transaction were not disclosed.

“Keter and Waste Harmonics represent two complementary businesses with core values that are closely aligned,” added BJ Loessberg, Business Unit Partner at TPG Growth. “The combined company will benefit from the strong leadership and talent of both organizations, and we look forward to working with the team to drive continued strategic growth and strengthen the company’s market position.”

“We are proud of what we have accomplished with Mike and the Waste Harmonics team over the last three years. Through our close partnership, we exponentially grew the company’s network to reach more than 35,000 locations, secured additional national and regional key accounts, and supported four strategic acquisitions,” said Neil Carter, Head of U.S. Private Equity at Arcapita. “We are confident that the company is well positioned for continued success as it enters its next chapter of growth with its new partners at Keter and TPG.”

About Keter Environmental Services

Keter Environmental Services is a data-first recycling and waste management company that provides first-class sustainable recycling and waste programs nationwide. Keter works with forward-thinking companies who understand that increasing landfill diversion rates, improving operational efficiency, and using technology for data and reporting are crucial to an effective and sustainable business strategy. Keter approaches every opportunity with the knowledge that each company they work with is unique in its waste streams, needs, goals, and challenges. For more information, please visit www.Keteres.com.

About Waste Harmonics

Based in Victor, New York, Waste Harmonics is a unique, technology-enabled managed service provider in the waste industry. The company manages waste contracts and third-party vendors, and ultimately helps customers with what every business generates: waste. Customized, technology-driven program solutions that address waste generator expectations and requirements, dealing with single-source management of service suppliers, quality of service, reduction of costs, data and reporting analytics, consolidated invoicing and landfill diversion. Waste Harmonics works with diverse business clients across North America to deliver cost savings, consolidation of invoicing and communications, and recycling and sustainability strategies.

About TPG

TPG is a leading global alternative asset management firm, founded in San Francisco in 1992, with $137 billion of assets under management and investment and operational teams around the world. TPG invests across five multi-strategy platforms: Capital, Growth, Impact, Real Estate, and Market Solutions and our unique strategy is driven by collaboration, innovation, and inclusion. Our teams combine deep product and sector experience with broad capabilities and expertise to develop differentiated insights and add value for our fund investors, portfolio companies, management teams, and communities. For more information, please visit www.tpg.com or on Twitter @TPG.

About Arcapita

Arcapita is a premier alternative asset manager with a total transaction value in excess of $30 billion across more than 100 investments. The firm’s principled approach provides a strong, ethical compass that fosters trust, excellence and partnership with stakeholders. With over 25 years of management expertise, aligning Arcapita’s interests with that of our clients, we conduct business in a fair and transparent manner. Arcapita has offices in the US, UK, Saudi Arabia, Singapore and affiliate offices in Bahrain giving us a unique vantage point to understand tomorrow’s evolving investment landscape.