8th Oct 2018 08:38
LONDON (Alliance News) - Outsourcing and services group Mitie Group PLC said on Monday it will acquire Vision Security Group from blue-chip catering and support services firm Compass Group PLC for GBP14 million in cash.
Vision Security is a security services provider which offers security systems, as well as manned guarding and key holding services.
The acquisition is expected to complement Mitie's Total Security Management businesses, in particular grow its ability to provide technology enabled services.
The acquisition is expected to be completed by the end of October.
"As a core part of Mitie, our security business has delivered a strong performance over the last three years, with sales growing by over 30%. This acquisition gives us the leadership position we seek to maximise value from our technology-led solutions," said Mitie Chief Executive Officer Phil Bentley.
Shares in Mitie were up 0.6% at 145.10 pence, while Compass shares were up 0.4% at 1,600.75p on Monday.
Related Shares:
MitieCompass Group