By
Hands-On Management Services in advanced talks for majority stake sale
Photo Credit: Social Media

Mumbai-based facility management company Hands-On Management Services Pvt. Ltd is in talks with prospective investors to sell a majority stake, a company spokesperson told VCCircle.

“The Hands-On management is in the advanced stages of a strategic tie-up with potential investors to expand company operations,” the spokesperson said.

Hands-On was founded in 2012 by Manindra Kumar, Deepa Hegde and Jyoti Jagtap. Kumar, who also founded executive search firm Recruitment World, said he will fully exit Hands-On by selling his stake to Nitin Chandak, a senior executive at a private bank. Chandak will acquire a majority stake while the other two co-founders will retain a minority share.

Hands-On is currently present in Maharashtra and Gujarat, and the acquisition will help it expand its presence across India.

“We have built a strong base for Hands-On. Nitin is passionate about Hands-On and will take the company to the next level,” Kumar said.

The company has around 200 employees and expects to report revenue of Rs 3 crore in 2016-17.

The facility management segment has seen several deals in the past couple of years.

Last month, Chennai-based integrated facilities management services firm Updater Services Pvt. Ltd raised Rs 100 crore (around $15 million) from MOPE Investment Advisors Pvt. Ltd in return for a minority stake.

In January, Security and Intelligence Services (India) Ltd, the country’s second-largest private security services firm, received regulatory approval for an initial public offering. Last year, SIS had acquired TVS Capital-backed facility management company Dusters Total Solutions Services Ltd.

According to research and consulting firm Frost & Sullivan, the segment is expected to grow from Rs 8,414.7 crore in 2015 to around Rs 20,000 crore by 2019.

*The article has been updated to reflect that the deal hasn't closed as previously reported.

Like this report? Sign up for our daily newsletter to get our top reports.

Leave Your Comment(s)