2nd May 2023 10:01
(Alliance News) - Mitie Group PLC on Tuesday said it has bought security services provider RH Irving Industrials Ltd for GBP19.1 million.
The Glasgow-based facilities management company said the acquisition of RH Irving will strengthen its existing fire and security systems capabilities in its Business Services arm.
Mitie said the acquisition will be funded from existing bank facilities.
For the financial year that ended on February 28, RH Irving Industrials reported revenue of GBP17.4 million and earnings before interest, tax, depreciation and amortisation of GBP2.4 million.
Mitie Business Services Managing Director Jason Towse said: "RH Irving Industrials is our second security-related acquisition in recent months, reflecting the group's strategy to invest in high growth, high margin companies in the key sectors of security technology, decarbonisation, and telecoms. The business both complements and enhances Mitie's existing capabilities and customer base."
Shares were up 0.7% at 92.60 pence each on Tuesday morning in London.
By Xindi Wei, Alliance News reporter
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