Mitie bolsters telecoms capability with DAEL Ventures UK acquisition

Thu, 5th Aug 2021

Mitie Group has acquired DAEL Ventures Limited, a provider of acquisition, design and construction (ADC) services in the UK for mobile telecoms infrastructure, for £15m. This acquisition will broaden Mitie's expertise in the fast-growing telecoms sector, delivering end-to-end service for our customers, the company said. The acquisition will be accretive to earnings and funded through existing facilities. DAEL Ventures, together with its subsidiaries DAEL Telecom Ltd, JB Towers Limited and JISTICS Limited, is the UK arm of Mak Holding Limited, which is related to DAEL Group Netherlands. DAEL Group Netherlands will continue to operate under its existing private ownership and is not part of the transaction. Alongside ADC services, DAEL Ventures also provides specialist managed services of temporary mobile infrastructure to support the special events market, as well as bespoke structural engineering and design services for telecoms assets. DAEL Ventures' revenue for the 12 months to 31 December 2020 was £18.3m and pre-tax profit was £0.22m including a one-off charge of £0.42m. Gross assets as at 31 December 2020 were £6.9m The consideration of £15m, subject to a completion accounts process, will be paid in cash and will be funded from existing facilities Andy Train, managing director of DAEL Telecom, and James Brennan, managing director of JB Towers, will join Mitie to create a new telecoms business unit within Mitie's technical services division Phil Bentley, CEO of Mitie, said: 'The acquisition, which is aligned with our new growth and margin enhancement strategy, provides us with the opportunity to broaden our scale and expertise in the fast-growing telecoms sector. Mitie will now have market-leading capabilities, putting us in a strong position to take advantage of the growth prospects arising from the rollout of 5G in the UK.' Story provided by StockMarketWire.com

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