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Mitie Group buys GBE Converge for up to GBP27 million

2nd Nov 2023 11:22

(Alliance News) - Mitie Group PLC on Thursday said it acquired Gloucester-based provider of fire, security and information and communications technology solutions, GBE Converge Group Ltd for up to GBP27 million.

The Glasgow-based facilities management company said the purchase comprises an initial payment of GBP20 million, and deferred payments of up to GBP7 million over the course of three years.

The acquisition will be funded from Mitie's existing resources, the company said.

GBE generated revenue of GBP36 million and earnings before interest, tax, depreciation and amortisation of GPB2.4 million in 2022.

Mitie Chief Executive Officer Phil Bentley said: "We are delighted to welcome the GBE team to the group. As our customers' needs for facilities transformation evolve and demand grows for 'smart buildings', Building Management Systems are increasingly converging with Fire & Security platforms.

"The acquisition of GBE brings sophisticated intelligence-based Fire & Security capabilities and enables Mitie to broaden the range of projects we can self-deliver for our customers in the built environment."

Shares in Mitie were trading 0.9% higher at 99.40 pence each in London on Thursday morning.

By Sabrina Penty, Alliance News reporter

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