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SIS India, a leading security and business-support company, has bought a significant majority stake in Dusters Total Solutions Pvt Ltd, a leading facility management company, for an enterprise value of ₹175 crore.
TVS Shriram Growth Fund, which had a nearly 55-per cent stake in Dusters, has completely sold its stake through this transaction. TVS had acquired the stake in the Bengaluru-headquartered Dusters in two tranches.
Dusters, promoted and run by Shamsher Puri, Managing Director, and Jasmer Puri, Joint Managing Director, has nearly 25,000 employees and has clients across sectors, including some leading multinational companies. It has a strong presence in Southern and Western India. SIS, according to the sources, has a presence in facility management through its subsidiary, Service Master Clean, and with the acquisition of Dusters, it will be among the top three players in the Indian facilities management space.
In 2013, CX Partners had bought a 20-per cent stake in SIS, which included a minority stake held by hedge fund DE Shaw.
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