After closing its latest round of private equity fund-raising, A2Z Maintenance and Engineering Services Pvt. Ltd. has acquired controlling stake in CNCS Facility Solutions Pvt. Ltd, a Mumbai-based facilities management services company.
CNCS, which provides housekeeping, security and maintenance services, has a head count of 2,500 employees serving clients like NDTV, ICICI Securities, Larsen & Toubro and State Bank of India. The value of the transaction was undisclosed. One World Resources was the financial advisor to CNCS in this transaction.
Gurgaon-based A2Z recently got a fresh equity infusion of Rs 100 crore from India Equity Partners (IEP) and Beacon India Private Equity Fund. Besides facilities management, the company’s core area of business is providing engineering, procurement and construction (EPC) services to power transmission and distribution sector. A2Z is present in waste management as well.
This will be the second M&A transaction in the facilities management space this year. In June, Tenon Property Services, a subsidiary of Singapore-headquartered Mortice Ltd, acquired Delhi-based Rotopower Projects Pvt Ltd for Rs 10 crore. The sector has also witnessed an interest from PE players with companies like BVG India and Radiant Hospitality getting funding recently from Kotak Private Equity and Lighthouse Funds, respectively.