TPG-backed Keter Environmental Services and Arcapita-backed Waste Harmonics to merge

• 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
• TPG acquired Keter in 2021 while Arcapita acquired Waste Harmonics in 2019

Keter Environmental Services, which is backed by TPG, has agreed to merge with Waste Harmonics, a waste service provider that is backed by Arcapita. No financial terms were disclosed.

As part of this transaction, TPG Growth will purchase Arcapita’s stake in the company.

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.

TPG acquired Keter in 2021 while Arcapita acquired Waste Harmonics in 2019.

“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 in a statement. “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.”

Keter Environmental Services is a recycling and waste management company. The company has offices in Indianpolis, Phoenix and Stamford, Connecticut.

Based in Victor, New York, Waste Harmonics is a waste services provider.

Founded in San Francisco in 1992, TPG has $137 billion of assets under management.

Arcapita has a total transaction value in excess of $30 billion across more than 100 investments.