STOCKHOLM, Aug. 17, 2018 /PRNewswire/ --
- EQT Mid Market Asia acquires a 40% stake in China Shine, a fast-growing facility management service provider with a focus on the Chinese market
- The strategy is to support Shine's continued growth and development of a broader service scope, as well as further geographical expansion, to become a national integrated facility management service platform
- EQT is partnering with the current management of Shine, which remains as majority shareholders and will continue to drive the growth strategy
The EQT Mid Market Asia III fund (or "EQT Mid Market Asia") has acquired a 40% stake in China Shine (Cayman) Co. Ltd. ("Shine" or the "Company") from the current management shareholders. Shine's management team will, under the joint leadership of Jack Zhou, CEO and Chairman, Sally Wu, COO and Alan Pang, General Manager, continue to lead and drive growth and development of the Company.
Founded in 2016 in Shanghai, Shine offers general cleaning, support, building maintenance, security and integrated facility management services across China. The two-year-old company is on track to achieve annual sales of RMB 200 million (USD 30 million) in 2018. Under the leadership of the current management team, which possesses more than 20 years of industry experience, Shine has demonstrated remarkable growth since inception and is today a fast-growing facility management service provider with a stable customer base.
With a strong management team and support from EQT's industrial network and previous experience within facility management, Shine is well-positioned to capture the attractive growth opportunities in the under-penetrated and highly fragmented facility management market in China. The strategy includes continued growth, both organically and through add-on acquisitions, and development of a broader service scope as well as further geographical expansion, with the ambition to become a fully-integrated national facility management service platform.
Shine has also announced the strategic alliance with Shanghai East Asia Hong'An Cleaning Service Co. Ltd., a company focusing on Shanghai's prime commercial and office building vertical.
Jack Zhou, CEO and Chairman of Shine, says: "We are excited to work together with EQT and further develop Shine into an integrated facility management service platform. With its industrial and operational growth-focused approach, EQT is the ideal partner for Shine".
Martin Mok, Partner, Head of EQT Mid Market Asia and Investment Advisor to EQT Mid Market Asia III, concludes: "We are impressed by the management's vision, vast industry experience and entrepreneurial spirit. EQT looks forward to the new partnership and the focus going forward will be on geographical and service scope expansion, while maintaining high service quality and customer satisfaction".
The parties have agreed not to disclose the transaction value.
Martin Mok, P
artner, Head of EQT Mid Market Asia and Investment Advisor to EQT Mid Market Asia III.
EQT Press Office +46-8-506-553-34
EQT is a leading global private equity group with approximately EUR 50 billion in raised capital across 27 funds. EQT funds have portfolio companies in Europe, Asia and the US with total sales of more than EUR 19 billion and approximately 110,000 employees. EQT works with portfolio companies to achieve sustainable growth, operational excellence and market leadership.
More info: www.eqtpartners.com
Shine is a fast-growing facility management service provider with a strong cleaning business in Eastern China and across China. The Company also offers support, building maintenance, security and integrated facility management services. Founded recently in 2016, Shine is on track to achieve annual sales of RMB 200 million (USD 30 million) in 2018.
More info: www.zxchinashine.com
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The following files are available for download:
Press release EQT Mid Market Asia III China Shine 180817
SOURCE EQT AB