Citic Capital said its China buyout fund had completed the acquisition of a majority stake in Jiangsu Sky Facility Management.
SkyFM provides facility management services, such as security, cleaning, engineering maintenance and administration, to multinational companies and Chinese state-owned enterprises, Citic Capital said in a statement on Monday.
Based in Wuxi, Jiangsu province, the firm has more than 500 operational sites across eastern China. It has more than 7,000 staff according to its website.
Citic Capital sourced the transaction via its own network and not through an auction orchestrated by investment bankers, said a person familiar with the transaction. The buyout fund secured a majority stake in SkyFM and the management team is staying with the company after the acquisition, the person added.
“China’s facility management market will continue to enjoy robust growth thanks to the stable trend of service outsourcing and growing need for high quality property management,” said Derek Wang, a managing director at Citic Capital Partners, the China buyout fund.
There is also room for SkyFM to work for other portfolio companies in the Citic Capital stable, the person said.
Citic Capital has over 130 portfolio companies that span 11 sectors and employ over 820,000 people around the world.
