TPG Growth, the middle market and growth equity platform of alternative asset firm TPG, has completed a significant investment in Keter Environmental Services (Keter), a full-service recycling and waste management company focused on providing first-class sustainable recycling and waste programs.
Financial terms of the transaction have not been disclosed.
Over the past two decades, Keter has grown into a provider of outsourced full-service recycling and waste management services in the United States. Through its high-quality and tech-enabled offerings, the company now helps more than 500 locations across 46 states manage their waste more efficiently and sustainably.
“Partnering with TPG will allow us to broaden our service offerings, solidify our ability to continuously improve recycling and waste programs, and maximise our potential and results in the world of sustainability and ESG,” says Steven Schlussel, CEO of Keter. “The team at TPG is not only fully aligned with our mission, but also has a proven track record of partnering with leading business services companies to accelerate their growth. They are deeply experienced operators and business builders across sectors, including those we are growing into. We look forward to leveraging their expertise to expand our offering, better-serve our existing clients, and welcome new clients to our platform.”
Keter is the largest provider of recycling and waste services to the real estate investment trust (REIT) industry and has steadily built a growing presence across several industrial end markets, including food processing, medical device manufacturing, auto assembly, and engineered components, and through its proprietary software and digital platform, the company provides real-time recycling and waste reporting.
“A market leading provider of outsourced waste managed services, Keter supports mission-critical daily waste collection and disposal through its complete turnkey solutions,” says BJ Loessberg, Principal at TPG Growth. “At a time when real-time reporting is increasingly valued and required by corporate decision makers, Keter continues to deliver economic, environmental, and societal value by turning clients’ recycling and waste problems into unified solutions. We are thrilled to invest behind the Keter brand and partner with Steve and his team to build on the company’s momentum by enhancing its go-to-market strategy, strengthening its salesforce, and expanding its offerings through strategic acquisitions.”
TPG Growth has a long history of partnering with leading business services companies. The investment in Keter represents TPG Growth’s second investment in the environmental waste management sector following its acquisition of Denali Water Solutions, a market-leading provider of specialty waste and environmental recycling and disposal services, in 2020.
