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...