Dymon Asia Private Equity has acquired a stake in Chye Thiam Maintenance, which provides cleaning, waste management and recycling services.
The amount invested and the stake taken were not disclosed.
The company was founded in 1979 by Tan Chye Thiam and his wife and has since then grown from a general cleaning provider to include other services ranging from public cleaning, commercial cleaning, waste management, recycling and even pandemic disinfection cleaning.
Its clients include Changi Airport Group, Jewel Changi, Ngee Ann City, Esplanade, Resorts World Sentosa, and town councils. It is also contracted for events such as the Singapore Airshow and Singapore Grand Prix.
The company is now headed by CEO Edy Tan and deputy CEO Loh Sze Li.
“We believe that Dymon Asia PE can significantly contribute to Chye Thiam Maintenance’s path to becoming a key player in Singapore’s green plan and circular economy,” says Edy, adding that the company is exploring potential M&A.
“We have witnessed the growth and evolution of the company and have strong belief in the growth prospects and long-term fundamentals and the ability of the management team to stay ahead of their game,” says Keith Tan, founding partner of Dymon Asia PE.
“We look forward to working with CTM to realize its strategic goals in the local market, as well as pursuing potential expansion opportunities in Southeast Asia,” adds Keith.
Photo: Chye Thiam Maintenance
