Latest news with #ServeU
Arabian Business
4 days ago
- Business
- Arabian Business
Union Properties subsidiary acquires House Keeping for $27.23mn
Union Properties subsidiary ServeU, a facilities management company, has acquired House Keeping (and House Keeping Domestic Workers, and their subsidiaries, in a deal valued at AED100 million (US$27.23 million). House Keeping is the UAE's second-largest provider in its segment. It brings a strong portfolio, deep domain expertise, and an extensive client network. With a specialised workforce of 136 active members in housekeeping operations and nearly 8,700 domestic workers, House Keeping has consistently delivered strong performance, recording revenues of AED 221.1 million (US$60.2 million) and an EBITDA of AED 21.4 million (US$5.83 million) for the fiscal year 2024. These financial results align closely with ServeU's priorities of delivering value, enhancing service quality, improving operational efficiency, and advancing workforce capabilities. The acquisition reinforces ServeU's market position as one of the most trusted facilities management providers in the country. With a workforce of more than 8900 employees, it manages a broad portfolio spanning residential communities, commercial complexes, government entities and hospitality facilities. Amer Khansaheb, Chief Executive Officer and Board Member of Union Properties PJSC, commented: 'This acquisition represents a pivotal step in advancing our long-term growth agenda. Integrating a leading manpower and domestic workforce provider into our portfolio not only strengthens ServeU's operational breadth, but also reinforces our commitment to delivering integrated, people-centric solutions that meet the evolving demands of our clients across sectors.' Under the terms of the acquisition, House Keeping and its affiliated entities will retain their brand identities while operating under the full ownership of ServeU. The acquisition is projected to have a positive impact on ServeU's financial results effective from August 2025, contributing around 23 per cent to revenue and boosting EBITDA by 33 per cent.
Arabian Post
4 days ago
- Business
- Arabian Post
ServeU Acquires House Keeping Domestic Workers for AED 100 Million
ServeU, a prominent facilities management firm in the UAE, has secured a strategic acquisition of House Keeping and its domestic workers division in a deal valued at 100 million dirhams. This acquisition marks a significant move for ServeU, expanding its presence in the domestic workforce segment and enhancing its service capabilities. The acquisition, finalized by ServeU, includes both the House Keeping brand and its subsidiary operations. Despite the change in ownership, the company will retain its established brand identity while integrating fully into ServeU's operations. This deal aligns with ServeU's broader strategy to diversify and strengthen its market position in the competitive UAE facilities management sector. ServeU, a subsidiary of Dubai-listed Union Properties, has long been a key player in the UAE's facilities management industry, providing a broad spectrum of services, including cleaning, maintenance, and security. With this latest acquisition, ServeU aims to tap into a growing market demand for domestic workers and housekeeping services, a sector that has seen increasing demand in urban centres across the UAE. ADVERTISEMENT The domestic workforce industry, which includes services like housekeeping, maid services, and other home maintenance functions, has been evolving rapidly, especially as the number of expatriates and high-net-worth individuals increases in the region. With this shift in demographics, the need for qualified domestic workers and housekeeping services has surged. ServeU's acquisition of House Keeping aims to meet this demand by consolidating and expanding its service offerings in this niche market. House Keeping, a well-known name in the UAE, has built a solid reputation for providing reliable and professional domestic services, making the acquisition a strategic fit for ServeU. By incorporating House Keeping's portfolio, ServeU not only broadens its service range but also gains access to a loyal customer base, which is expected to contribute significantly to future growth. The deal is also seen as an effort by ServeU to enhance its competitive edge in an industry where customer satisfaction and brand trust are key differentiators. The UAE's competitive labour market, particularly in domestic services, has placed an emphasis on quality assurance and customer reliability, areas where House Keeping has established itself as a leader. Following the completion of the deal, House Keeping will continue to operate under its well-known brand, but under ServeU's full ownership. This approach allows the brand to maintain its identity, which has garnered trust from its customers over the years. The integration under ServeU's larger umbrella also allows for the sharing of resources and operational synergies, with both companies looking to achieve higher efficiencies and cost-effectiveness in their operations. The acquisition aligns with the UAE's broader economic goals of promoting growth in various sectors, including services that cater to the region's burgeoning residential market. Facilities management firms like ServeU are tapping into these opportunities, as demand for home-based services has become an essential part of the lifestyle of many residents. Industry experts suggest that this acquisition is likely to have a ripple effect on other players in the facilities management sector. By bolstering its service offerings, ServeU could potentially set new standards in the domestic workforce market, compelling its competitors to reconsider their strategies in light of this consolidation. This move comes at a time when businesses in the UAE are increasingly recognising the importance of maintaining a diverse service portfolio that meets the changing needs of a growing and diverse population. Companies that can adapt to these shifts by offering a broader range of high-quality services are better positioned to thrive in this dynamic market. For ServeU, the acquisition of House Keeping also offers an opportunity to expand its service network across different parts of the UAE, which could prove valuable as the company looks to build on its existing customer base. By integrating a trusted brand like House Keeping, ServeU positions itself to cater to a wide array of clients, from expatriates to high-income families, looking for quality housekeeping services.
Web Release
4 days ago
- Business
- Web Release
ServeU, a subsidiary of Union Properties, acquires House Keeping (LLC) at AED 100 million deal to expand market reach
Union Properties PJSC ('Union Properties' or 'the Company') (DFM: UPP), through its subsidiary ServeU, a leading facilities management (FM) solutions provider in the UAE, has announced the strategic acquisition of House Keeping (LLC) and House Keeping Domestic Workers (LLC), including their subsidiary, in a deal valued at AED 100 million. This move reinforces ServeU's robust market position as one of the UAE's most trusted FM service providers in the country. With a workforce of more than 8900 employees, the company manages a broad portfolio spanning residential communities, commercial complexes, government entities and hospitality facilities. The Company remains committed to advancing operational capabilities, with continued investments in innovation, sustainability, and service excellence to address the dynamic needs of the market. Eng. Amer Khansaheb, Chief Executive Officer and Board Member of Union Properties PJSC, said: 'This acquisition represents a pivotal step in advancing our long-term growth agenda. Integrating a leading manpower and domestic workforce provider into our portfolio not only strengthens ServeU's operational breadth, but also reinforces our commitment to delivering integrated, people-centric solutions that meet the evolving demands of our clients across sectors.' House Keeping (LLC), the UAE's second-largest provider in its segment, brings a strong portfolio, deep domain expertise, and an extensive client network. With a specialized workforce of 136 active members in housekeeping operations and nearly 8,700 domestic workers, House Keeping (LLC) has consistently delivered strong performance, recording revenues of AED 221.1 million and an EBITDA of AED 21.4 million for the fiscal year 2024. These financial results align closely with ServeU's strategic priorities of delivering value, enhancing service quality, improving operational efficiency, and advancing workforce capabilities. Under the terms of the acquisition, House Keeping (LLC) and its affiliated entities will retain their brand identities while operating under the full ownership and strategic oversight of ServeU. The alliance is projected to have a positive impact on ServeU's financial results effective from August 2025, contributing around 23% to revenue and boosting EBITDA by 33% of ServeU. This model will further ensure seamless operational continuity while unlocking synergies through ServeU's established infrastructure, experienced leadership, and industry partnerships. –
Mid East Info
5 days ago
- Business
- Mid East Info
ServeU, a subsidiary of Union Properties, acquires House Keeping (LLC) at AED 100 million deal to expand market reach
Union Properties PJSC 'Union Properties' or 'the Company' DFM: UPP, through its subsidiary ServeU, a leading facilities management FM solutions provider in the UAE, has announced the strategic acquisition of House Keeping LLC and House Keeping Domestic Workers LLC, including their subsidiary, in a deal valued at AED 100 million. This move reinforces ServeU's robust market position as one of the UAE's most trusted FM service providers in the country. With a workforce of more than 8900 employees, the company manages a broad portfolio spanning residential communities, commercial complexes, government entities and hospitality facilities. The Company remains committed to advancing operational capabilities, with continued investments in innovation, sustainability, and service excellence to address the dynamic needs of the market. Eng. Amer Khansaheb, Chief Executive Officer and Board Member of Union Properties PJSC, said: 'This acquisition represents a pivotal step in advancing our long-term growth agenda. Integrating a leading manpower and domestic workforce provider into our portfolio not only strengthens ServeU's operational breadth, but also reinforces our commitment to delivering integrated, people-centric solutions that meet the evolving demands of our clients across sectors.' House Keeping (LLC), the UAE's second-largest provider in its segment, brings a strong portfolio, deep domain expertise, and an extensive client network. With a specialized workforce of 136 active members in housekeeping operations and nearly 8,700 domestic workers, House Keeping (LLC) has consistently delivered strong performance, recording revenues of AED 221.1 million and an EBITDA of AED 21.4 million for the fiscal year 2024. These financial results align closely with ServeU's strategic priorities of delivering value, enhancing service quality, improving operational efficiency, and advancing workforce capabilities. Under the terms of the acquisition, House Keeping (LLC) and its affiliated entities will retain their brand identities while operating under the full ownership and strategic oversight of ServeU. The alliance is projected to have a positive impact on ServeU's financial results effective from August 2025, contributing around 23% to revenue and boosting EBITDA by 33% of ServeU. This model will further ensure seamless operational continuity while unlocking synergies through ServeU's established infrastructure, experienced leadership, and industry partnerships.
Zawya
5 days ago
- Business
- Zawya
Dubai-listed Union Properties' unit acquires House Keeping in a $27.23mln deal
ServeU, a subsidiary of the Dubai-listed Union Properties, has acquired House Keeping and House Keeping Domestic Workers, including their subsidiary, in a deal valued at 100 million dirhams ($27.23 million). The UAE-based facilities management firm said the acquisition of the domestic workforce company will help ServeU in expanding its market reach. Under the terms of the acquisition, House Keeping and its affiliated entities will retain their brand identities while operating under the full ownership of ServeU. ServeU said the deal is projected to have a positive impact on its financials, contributing around 23% to revenue and boosting EBITDA by 33%. (Writing by Bindu Rai, editing by Brinda Darasha)
