Singapore and Malaysia-based CFM Alliance has announced it has new owners, following a management buyout.
It was led by Carl Häggström, current Group Managing Director of CFM Alliance, and Dr Otso Massala.
According to a company statement, the buying consortium is made up of ‘industry leaders, supply chain, innovation, and financial professionals all with a focus on providing high-quality global relocation services supported by innovative technology, delivered with a personal touch’.
Häggström will continue as Group Managing Director, while Massala joins as a director of the company.
CFM Alliance comprises brands including Classic Moving & The Family Movers (International Moving Services); Classic Systems (Logistics & Warehousing specialists) and DSP Singapore (Relocation Services). The business handles an average of 5,500 moves a year, with annual revenue of SGD$27 million (approximately US$19,58m).
The business was founded in 2012 by Brad Street, offering a range of integrated moving solutions and value-added services. It acquired The Family Movers in 2018, diversifying its client base and serving direct corporate clients relocating their employees, as well as international relocation agents and private clients.
Häggström said: ‘Brad has worked hard, supported by key members of the team, to build and develop the CFM Alliance since 2012. It has been a pleasure to be part of that journey and an honour to be part of the team that leads the company forward on its 10th birthday year. Our people remain at the centre of importance for our future success and together we share the vision, synergies and competencies required to secure our future as the leading moving and relocation company in Singapore and Malaysia for generations to come. We would like to thank Brad for all his support and leadership over the years and look forward to working with him over the coming years to help aid a smooth transition for the acquisition’.
Massala added: ‘Each individual company of the CFM Alliance group is well positioned at the front of market expansion opportunities, in an industry that is going through technological and conceptual transformation. We will be capitalising on the high level of professionalism of the current CFM Alliance team in bringing innovative services to market while seeking opportunities to expand geographical presence. I thank all involved in making this transformation possible and look forward to working with existing and new customers, employees, and industry partners to strengthen the whole ecosystem of our industry.’
Street said: ‘Building CFM Alliance from its humble beginnings, with a vision to create a quality service from end to end, to deliver solutions, and with people at the heart of everything we do has been both exciting and challenging, but most of all, rewarding. I have encountered many inspirational people who have come in the shape of customers, supply partners, fellow industry contacts and most importantly, in CFM Alliance and its team.
‘I feel privileged to have been able to create and develop an organisation where all the CFM family are as passionate about quality now as I was at the outset. I could not be prouder.’
Street added that CFM Alliance is now ‘poised for even further phenomenal growth’ and that he will be working with Häggström and Massala in the coming months ‘to ensure integration and success as we lay the foundations together for this next phase’.
The company said: ‘CFM Alliance’s new owners look forward to leading transformation of the industry, with primary focus on social trends supporting environmental and economic sustainability, digitalisation, and technological developments, designed to deliver the highest standards of service and value to its customers, partners and to the employees who are the heart of its business.’