(Isstories Editorial):- Singapore, May 8, 2018 (Issuewire.com) – Leading cleaning solutions provider Primech Services & Engrg Pte Ltd has been acquired by Sapphire Universe at an undisclosed sum. The acquisition is led by a Hong-Kong-led consortium, comprising, among others, Hong Kong-based asset manager STI Financial Group (STI) and private investor Ken Ho.
With this acquisition, Sapphire Universe aims to position itself as a leading supplier of facility management solutions and increase its presence in Asia.
The core management team at Primech, led by Senior Director Vernon Kwek, CEO Sng Yew Jin & COO Khazid Omar will continue to lead the Company post-acquisition.
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Founded in 1988, the Singapore-based cleaning company employs nearly 1,800 professional staff and offers commercial cleaning, pest control and stewarding services in multiple sectors, such as airport, hotels, hospitals, schools, town councils, condominiums and government buildings. On a global scale, Primech has presence in Middle East with strategic partnership network in Abu Dhabi. Primech will serve as territorial headquarter for Sapphire Universe in Asia post-acquisition.
Aligning with Singapores Government Smart City initiatives, Primech has embarked in developing its very own software for all work processes, cleaning audits, performance base contracting and cleaning robots to ease the current labour crunch in our industry. We continuously invest in our innovative technology to ensure we are utilising the most effective resources available, said Vernon in an email exchange with DEALSTREETASIA.
According to the firm, Primech achieved an annual turnover of S$45 million in 2017. From 2010 to 2017, the companys revenue grew with a CAGR of 48 percent. In line with its growth in revenue, staff strength has also increased with a CAGR of 31 percent from 2015 to 2017. Primech also won the Profit Growth Excellence Award in the SME 1000 services category.
Sapphire Universe has a vision of building a premier brand offering end-to-end facility management services through continuing upstream and downstream vertical integration. We are adopting a hybrid approach, blending organic and M&A-driven growth, to which we have identified numerous untapped opportunities across cleaning, products, security, EHS and hotel management over the next three years, said Kean Ng, a director of Sapphire Universe.
About STI Financial Group
STI Financial Group is an investment group that provides bespoke capital solutions spanning across the entire capital structure tailored to various business objectives and specific requirements. It focuses primarily on the fragmented middle market companies in Asia.
Primech Services & Engrg Pte Ltd
18 Howard Road #10-01 Novelty Bizcentre Singapore 369585
This Press Release was originally published by IssueWire. Read the original article here.