Arcapita acquires Waste Harmonics

Manama, Arcapita announced today that it has acquired a controlling interest in Waste Harmonics, a technology-enabled facility services company that delivers a comprehensive suite of waste management solutions to blue-chip clients throughout North America.

Founded in 2001, 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 over 5,000 vendors.

Waste Harmonics' business model is asset-light, technology driven, highly cash generative, and has modest working capital requirements, Arcapita said.

The company operates across various business segments and it has developed a platform that provides a comprehensive range of solutions. These capabilities include consolidated waste collection and coordination, recycling and sustainability optimization, remote equipment monitoring, smart equipment rental, compliance reporting and waste stream auditing.

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," Arcapita Chief Executive Officer Atif A. Abdulmalik said.

"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.

Martin Tan, Chief Investment Officer of Arcapita, said Waste Harmonics delivers on its 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 said.

According to Michael S. Hess, Chief Executive Officer of Waste Harmonics, 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," he said.

Source: Bahrain News Agency