
CITIC Capital acquires Chinese facility management service provider
China-focused GP CITIC Capital Partners has acquired a majority stake in Jiangsu Sky Facility Management (SkyFM), a Chinese facility management service provider, for an undisclosed sum.
Based in Wuxi, Jiangsu province, SkyFM provides facility management services for multi-national companies, Chinese state-owned enterprises, and public institutions located in eastern China. With more than 500 operational sites, SkyFM’s services cover security, cleaning, engineering maintenance, and administration support.
Following the acquisition, the GP will support the company to develop more diversified services and expand its footprint across the country through both organic growth and M&A. “We believe that 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,” Derek Wang, a managing director at CITIC Capital, said in a statement.
The investment comes from CITIC Capital China Partners III, which is expected to close at $2 billion. The private equity firm has already raised the US-denominated portion at the hard cap of $1.57 billion and is seeking a further RMB3 billion ($439 million) in renminbi. The fund pursues control deals in China and overseas.
Other recent acquisitions include Wall Street English alongside Baring Private Equity Asia, Europe-headquartered cosmetics packaging supplier Axilone, the sexual health division of Australia-listed Ansell, and New Zealand-based fragrances specialist Trilogy International.
China’s Harbin Pharmaceutical Group, which is controlled by CITIC Capital, announced in February that it would acquire a 40% stake in US-based GNC Holdings in a deal worth $300 million.
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