MANAMA: Bahrain-based global investment firm Arcapita has acquired Waste Harmonics, a US-based provider of waste management solutions, from Prospect Partners and Expedition Capital Partners, according to Axios.
In a statement Arcapita said Waste Harmonics is one of the largest managed waste services companies in the US, and delivers critical waste collection services across all 50 US states, Canada, Puerto Rico and Guam, through a network of more than 5,000 vendors.
Its business model is asset-light, technology driven, highly cash generative, and has modest working capital requirements
Financial terms of the transaction were not disclosed.
Commenting, Arcapita chief executive Atif Abdulmalik said, “Through our investment strategy, Arcapita aims to help grow Waste Harmonics’ suite of services and customer base, by enabling the company to provide nationwide blue-chip clients with mission critical business services. We are excited about our partnership with Waste Harmonics as we believe it is a great opportunity to bring to our investors and we are optimistic about the company’s growth prospects.”
According to Arcapita chief investment officer Martin Tan, Waste Harmonics delivers on non-discretionary services via multi-year contracts, creating a recurring revenue business model that is “highly predictable and recession resistant”.
“With longstanding client relationships and high client retention rates, Waste Harmonics is one of the few nationwide providers of managed waste services in the US,” he added.
The company was founded in 2001 and operates across various business segments and has developed a platform that provides a comprehensive range of solutions.
These capabilities include consolidated waste collection and co-ordination, recycling and sustainability optimisation, remote equipment monitoring, smart equipment rental, compliance reporting and waste stream auditing.
Its offerings are designed to improve service levels, reduce costs and optimise waste stream management.
Waste Harmonics chief executive Michael Hess said, “Arcapita is the ideal partner for our business growth and expansion. We have strong growth targets for the coming years and Arcapita’s expertise coupled with a strong leadership team will help us enhance our services in the facilities management sector to best meet clients’ needs.”
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