Arcapita, a global investment firm, recently acquired a controlling interest in Victor-based managed waste service provider Waste Harmonics from Prospect Partners LLC.
Waste Harmonics provides an outsourced waste management consolidation service for companies and corporations with 5,000-plus locations. It works with business clients across North America to deliver cost savings, consolidation of invoicing and communications, and recycling and sustainability strategies.
“Arcapita is the ideal partner for our business growth and expansion,” CEO Michael Hess said. “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.”
Arcapita has offices in Bahrain, Atlanta, London and Singapore. Its principal lines of business are private equity and real estate, and its management has a 20-year track record of over 80 investments with total transaction value in excess of $30 billion.
“Waste Harmonics delivers on its nondiscretionary services via multi-year contracts, creating a recurring revenue business model that is highly predictable and recession-resistant,” said Martin Tan, chief investment officer at Arcapita. “With longstanding client relationships and high client retention rates, Waste Harmonics is one of the few nationwide providers of managed waste services in the U.S.”
Waste Harmonics was a portfolio company of Prospect Partners’ third fund, Prospect Partners III L.P., since 2015.
“Waste Harmonics has been an exciting growth story for Prospect Partners,” said Erik Maurer, a principal of Prospect Partners. “Over the past four-and-a-half years, through technological innovation, organic growth, superior service delivery and three strategic add-on acquisitions, Waste Harmonics has become the industry’s only single-source provider of the full spectrum of waste management services. We have been honored to support its development from a pre-middle-market company into a dominant market leader with expansive programs and geographic reach.”
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