24th Oct 2024 13:48
(Alliance News) - Mitie Group PLC on Thursday announced its acquisition of Argus Fire Protection Co Ltd, a West Midlands-based engineering-led fire systems business.
The Glasgow-based engineering, security, cleaning and hygiene services provider said the USD38.0 million acquisition "significantly enhances" Mitie's scale and self-delivered offering in the fire & security market. It complements the group's other recent acquisitions of fire & security companies GBE Converge Group Ltd and RHI Industrials Ltd.
Mitie added that the acquisition would also provide cross-selling opportunities across its blue-chip customer base.
In its most recent financial year ended March 31, Argus Fire reported revenue of GBP44.3 million and earnings before interest, tax, depreciation and amortisation of GBP3.8 million.
Managing Director of Mitie Business Services Jason Towse said: "The acquisition of Argus Fire brings deep technical capabilities and builds on Mitie's position as a market-leading provider of projects delivery, inspection and maintenance across a broad range of sectors in the around GBP3 billion per annum UK fire & security market. We look forward to welcoming Argus Fire's approximately 200 colleagues to Mitie."
Shares in Mitie were down 1.3% at 117.60 pence each in London on Thursday afternoon.
By Emily Parsons, Alliance News reporter
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