OCS, the UK-based facilities services group, has invested about Rs 125 core ($24.5 million) to pick 51 per cent stake in Absotherm Facility Management Services Pvt Ltd, a home grown facility management company.
With this acquisition, OCS intends to strengthen its presence in Asia. Nearly half of its global employee strength is currently drawn from different countries in Asia led by Thailand. The UK-based facilities management firm major is looking at a similar buy and build out strategy in India.
“We are delighted to announce partnership with Absotherm, which is an integral part of OCS’ £40m expansion plan within the region. This partnership builds on recent joint ventures and acquisitions in Singapore, Cambodia and Vietnam and enables both companies to focus resources to provide best in class Facility Services across India and the region,” said Rupal Sinha, managing director, South East Asia for OCS Group Limited.
Founded 15 years back, Absotherm currently focuses on hard facility management services for HVAC, electricals, electro-mechanical equipments, engineering equipments etc. The company operates in 42 cities through six regional offices essentially servicing clients in the hotels, malls, IT parks and industrial establishments. It currently has an employee base of over 5,000 engineers, technicians, field staff and support employees.
Pradip Menon, managing director of the Absotherm, added, “India is gradually opening its doors to world class facilities management services and outsourcing these is now becoming a practice.”
Mumbai based Singhi Advisors was the exclusive advisor to the deal for Absotherm. Vaish Associates & Khiatan & Co were the legal advisors to Absotherm and OCS respectively.