Samara Capital, a mid-market India-focused private equity fund, has bought out 100% of Sanjay Maintenance Services Pvt. Ltd. (SMS), one of the largest facilities management for an undisclosed amount. Sources said Samara had invested about Rs 140 crore ($20 million) for the acquisition and plans to spend an additional $30 million behind bolt-in buyouts for geographical expansion and to widen the service offerings.
Samara has backed a management team comprising Jolly Kochery, a facilities management industry veteran along with his team. Kochery till recently was the CEO of ISS India for nearly a decade between 2004 and 2014, driving it to leadership position of nearly 60,000 employees in India with `1,200-crore topline.
Founded in 1968, SMS primarily operates in the BFSI, IT/ITES, manufacturing, retail and office space segments and employs nearly 16,000 plus people. Their principal clients include private banks such as HDFC, ICICI, Kotak among others.
Read more: The Economic Times
