Bahrain’s Arcapita sells Waste Harmonics to TPG-backed firm Keter Environmental Services: Bahrain-based alternative asset manager and private equity firm Arcapita Group has exited Waste Harmonics, a US-based tech-enhanced waste management firm, after a three-and-a-half year ownership period, Arcapita said in a statement on Monday. The statement did not disclose the value of the transaction.

The acquiring company: Arcapita sold Waste Harmonics to US-based Keter Environmental Services, a recycling and waste management company. TPG Growth had acquired Keter in 2021. Waste Harmonics had previously signaled a potential merger with Keter in June, whereby Arcapita would eventually sell its stake in Waste Harmonics to TPG.

What Keter gets out of it: The acquisition will see Keter “benefit from evolving customer preferences, including the centralization of procurement, focus on service quality, and increased waste stream complexity,” the statement reads. Under Arcapita’s ownership, Waste Harmonics’ annual returns rose fourfold to USD 400 mn, according to the statement.