Qool Enviro Pte. Ltd. is a Singapore-based company that has been offering the service of leasing out portable sanitation services for two decades. Growing demand in the market, Company now has an inventory of over 3,000 portable toilets in addition to sanitation equipment like hand-wash and shower wares, catering to a wide customer base in Singapore.

Nihon M&A Center Singapore (‘NMAC’) interviewed Ms. Cindy and Mr, Wyman, who have been running business since its incorporation.

NMAC: Could you tell us about Company and business including strengths and challenges the business has faced?

Ms. Cindy: Incorporated in Singapore in 2006, Qool Enviro Pte Ltd (“Qool”) is one of Singapore’s leading operators of portable toilets for rental. Portable toilets are widely used outdoors at construction and industrial sites, medical facilities and events. In addition, Qool also provides cleaning and waste management services. Today, Qool has a portfolio of 3,000 portable toilets and 600 customers.

As for challenges, covid was a good challenge for us (albeit) a positive one because of the exponential growth of our top and bottom line. We were rushing to cater to the additional demand that was brought by the regulation of the Singapore government, which made sure that quarantine procedures were done in the safest possible manner. From the airport to the construction dormitories, we were constantly thinking of satisfying the demand for portable toilets. We already knew that Singapore was a country with strict measures and predicted that many out-of-premise quarantine/safety zones would be implemented. We were ready stocking on our inventory even before that. It was a calculated decision that paid off. We are also a company that strongly believes in collaboration instead of pure competition, we even collaborated with our competitors on few occasions.

Event Site & Singapore F1 Site

NMAC: What made you consider M&A in the first place? and what sort of buyer did you expect to consummate this deal?

Mr. Wyman: All the shareholders are in their 50s. They felt it is the right time to make some adjustments to their life and perhaps slow things down a bit. Hence the idea of M&A came into mind, and we started listening to offers. We were very clear about what we wanted from the start, that is 100% buyout and our staff remained intact post-acquisition. They are reasons why the company is doing so well hence it is only right that we ensure they are well taken care of when we make our exit. So the potential buyer must agree to these two terms.

Buyer is someone that resonated well with our company’s culture. There were a lot of similarities between both companies, and they understood what we wanted in a potential partner. As a company that values grooming the next generation, our acquiror similarly had internal schemes that focuses on that as well. This was comforting to the shareholders

NMAC: What was your first impression of the buyer/ and their key representatives, i.e. president, GM, etc.?

Ms. Cindy: We were pleasantly surprised they were so humble and respectful. Our previous engagements with potential buyers were conducted in a very serious business-like environment. Just focusing on the cold mechanics of financial performance like our Profit & Loss, future projections, sales, valuations were often the core of discussion. But not for ASNOVA. They came to us to learn how we conduct our business and how we manage the team. They were keen to find out our management style. Very sincere buyer.

NMAC: How was the reaction of your employees for your decision of M&A?

Mr. Wyman: The younger ones were excited. Mainly because they are now working under a bigger umbrella. This would mean more opportunities are now not just limited to Singapore but potentially regionally (when the buyer decides to expand). They might also have the chance to visit Japan for work. I told them, “The stage has been setup and is all yours now.”

NMAC: What changes will you expect after M&A?

Ms. Cindy: Post M&A, we will expect quite a few changes especially reporting format and timeline. There will be a need to adapt to a new culture and working style too. I am sure we will sort these out quickly.

NMAC: Will you be able to give any message to SME owners who would consider M&A?

Ms. Cindy & Mr. Wyman: To fellow SME owners considering M&A – Engage a professional M&A Consultant like Nihon M&A Center is very important. They have a huge network and relative experience to link us up with the right partners. They will walk us through the entire process, helping us understand contract laws and binding terms. We were fortunate to get to know Nihon M&A.

From left, Ms. Cindy, Mr. Wyman, Mr. Foong and Mr. Andrew