2nd Apr 2007 14:31
MITIE Group PLC02 April 2007 MITIE Group PLC ("MITIE") Acquisition of Robert Prettie & Company Limited MITIE is pleased to announce that it has acquired the entire issued sharecapital of Jabez Holdings Limited, which owns (through an intermediate holdingcompany) 100% of the share capital of Robert Prettie & Co. Limited ("RobertPrettie"). The shareholders of Jabez Holdings Limited are Mark Murphy, DavidBignall, Andrew Cresswell and Alan Burton. The initial consideration is £8.6 million which will be settled on completionthrough a combination of £7.0 million cash and £1.6 million of loan notes. Inaddition, £0.8 million will be retained against potential warranty claims. Therewill be potential deferred consideration based on performance over three years.This will be settled in cash and loan notes up to a maximum of £23.3 million -giving a maximum total consideration of £32.7 million. The first opportunity totrigger the deferred consideration is in 2010, and the last in 2012. Inaddition, MITIE has assumed debt of £3.7 million. Robert Prettie is a specialist plumbing, heating and mechanical servicesbusiness concentrating on the housing market in the Midlands and Yorkshire.Robert Prettie employs over 250 staff. In the year ended 31 March 2006, JabezHoldings Limited reported consolidated revenue of £34.3 million and profitbefore tax of £2.8 million. Its consolidated gross assets at 31 March 2006 were£14.2 million of which £9.1 million was goodwill. This acquisition adds significantly to MITIE Property Services' range ofservices in the housing sector and complements its existing regional operations.Robert Prettie works in partnership with Local Authorities, Councils, Developersand Registered Social Landlords on kitchen and bathroom installation, heatingreplacement, gas servicing, maintenance and call out services. MITIE's Chief Executive, Ruby McGregor-Smith, commented: "This acquisitionincreases our coverage in the housing sector and enhances the range of servicesand national footprint of MITIE Property Services. We have been impressed byRobert Prettie's quality of service and customer relationships. I am delightedto welcome Robert Prettie's management and employees to MITIE." 2 April 2007 For further information, please contact: Ruby McGregor-Smith, Chief Executive, MITIE Tel: 0117 970 8800 John Telling, Head of Corporate Affairs, MITIE Tel: 020 7089 2500 Mob: 07979 701006 Notes: MITIE is one of the UK's leading support services companies, deliveringfacilities, engineering and property services to more than 6,000 public andprivate sector clients. It is also one of the UK's largest employers with over43,000 people supporting customers every day. MITIE provides all of the facilities services that organisations may wish tooutsource including Catering, Cleaning, Document Management, Front of HouseServices, Energy Services, Engineering Maintenance, Facilities Management,Landscaping, Grounds Maintenance, Pest Control, Security and Waste andEnvironmental Services. MITIE also offers engineering and property services,improving buildings for its customers by providing Building Refurbishment,Fit-Out and Maintenance Services, together with Mechanical & ElectricalEngineering. MITIE's unique share ownership ethos 'Management Incentive Through InvestmentEquity' (MITIE) encourages its employees to focus on what customers want.MITIE's success in delivering sustainable growth, through responsible andproactive engagement with stakeholders, has enabled the Group to become a FTSE250 company, achieving annual revenues of over £1bn. For more information please visit www.mitie.co.uk or email [email protected]. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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