Mumbai-based integrated facility management company Hands-On Management Services Pvt. Ltd has been acquired by investment banker Nitin Chandak from the founding team.
Hands-On was founded in 2012 by Manindra Kumar, Deepa Hegde and Jyoti Jagtap. Kumar said he will completely exit Hands-On whereas the other two co-founders will retain minority stake.
Hands-On is present in Maharashtra and Gujarat. The acquisition will help it create a pan India presence. The company has around 200 employees and is expecting to report Rs 3 crore revenues in FY2016-17.
The facility management space has seen several deals in the last couple of years. In January, India's second-largest private security services firm, Security and Intelligence Services (India) Ltd (SIS) received regulatory approval for an initial public offering (IPO). It also acquired facility management company Dusters Total Solutions Services Ltd (DTSS). Private equity firm TVS Capital, which owns 51% stake in DTSS, is expected to get around Rs 115 crore ($17.4 million).
According to Frost & Sullivan, the segment is expected to grow from Rs 8,414.7 crore in 2015 to around Rs 20,000 crore by 2019.