China CITIC Capital acquires majority stake in facility management firm SKYFM

Visual from Citic Capital's website

CITIC Capital Partners, the private equity arm of CITIC Capital Holdings Limited, has announced that its China buyout fund has completed the acquisition of a majority stake in facility management service provider Jiangsu SKY Facility Management Co., Ltd.

SKYFM, which serves MNCs and state enterprises across various industries, provides integrated facility management services, including security, cleaning, engineering maintenance and administration support.

The company is based in Wuxi, Jiangsu province and currently has over 500 operational sites.

CITIC Capital Partners Managing Director Derek Wang said, the investment in SKYFM will help the company strengthen its position as a leader in China’s facility management market.

“With our strong portfolios in various industries and an unparalleled network in China, together with SKYFM’s leading position and excellent team, we will be able to develop more diversified services and further establish its footprint across the nation and capture future M&A opportunities,” Wang said.

CITIC Capital Partners has completed over 50 investments in the past years in China, Japan, U.S. and Europe. It currently manages $4.7 billion of committed capital.

Earlier this year, the China buyout fund completed the acquisition of Paris-headquartered cosmetics packaging provider Axilone from Oaktree Capital Management. The financial terms of the deal were not disclosed.

Parent company CITIC Capital Holdings Limited is an alternative investment management and advisory company which manages over $22 billion of capital across 100 funds and investment products through its multiple asset class platform covering private equity, real estate, structured investment & finance, and asset management.

The company currently has over 130 portfolio companies that span 11 sectors and employ over 820,000 people around the world.

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.