Mumbai-based SILA Solutions Pvt Ltd, a property and project management company, has acquired a 51 per cent stake in Envocare Pest Control Services in a contract swap and cash deal, according to a press release. The deal amount is not disclosed.
Founded by Shantanu Paul and Dilip Murkute, Envocare offers herbal-based formulas to get rid of pests such as cockroaches, ants, rats, bed bugs, spiders and lizards. The firm caters to residential and commercial buildings and infrastructure projects.
Its clients include Adlabs Imagica, Bhabha Atomic Research Centre, Piramal Realty, Omkar and Raheja.
“As part of the deal, we have transferred existing SILA pest control contracts which were with multiple vendors to Envocare. For SILA, this is an efficient way to inorganically grow our service lines within facility management and allows us to cross-sell multiple services to create economies of scale,” said Sahil Vora, founder & MD, SILA Solutions.
“Envocare acquisition is a strategic move which marks our entry into the fast growing B2C home services segment. In addition to expanding our service offerings within facility management, we look forward to penetrate the B2C home services market with our services,” said Rushabh Vora, co-founder & director, SILA.
SILA was started by Vora siblings Sahil and Rushabh in 2010. Sahil holds a bachelor’s degree in Economics & International Studies from Trinity College, the US. Prior to founding SILA, he has worked at hedge fund house George Weiss besides UBS and Morgan Stanley in the US. Rushabh holds a bachelor’s degree in Economics & Chinese (Mandarin) from Trinity College, the US and a master’s in Business Administration from INSEAD, France/Singapore.
The company was started with an initial capital of Rs 50 lakh from Harresh Mehta, promoter of Mumbai-based private realtor Rohan Lifescapes.
SILA manages over 4 million square feet of commercial, retail, high-end residential, industrial assets with clients such as Piramal Enterprises Ltd, Piramal Realty, GVK Airport, Adlabs Entertainment, Alok industries, Omkar Developers, Raheja Universal, KPMG, Skoda Autobahn, Metro House, Nirlon Ltd, Kamla Mills, Supreme Infrastructure Ltd, Accor and Trident. The company has over 1,000 employees.
Last year, it raised funding from a group of financial investors.
SILA had previously raised money from the promoter of Mumbai realtor Rohan Lifescapes.
(Edited by Joby Puthuparampil Johnson)
Leave Your Comment
3 years ago
Home-grown private equity firm TVS Capital Funds is in advanced talks to exit...
3 years ago
Private equity firm ICICI Venture has divested its entire stake in Chennai-based...
1 year ago
Chennai-based integrated facility management services firm Updater Services Pvt....