4th May 2005 08:54
MITIE Group PLC04 May 2005 MITIE Group PLC ("MITIE") Acquisition of Intruder International Ltd Strategic move in Security MITIE is pleased to announce that it has acquired 100% of the issued sharecapital of Intruder International Ltd ("Intruder") for a consideration of £4million payable in cash on completion. The sale and purchase agreement allowsfor an adjustment to the acquisition price if the net assets in the completionaccounts are valued in excess of £950,000. The increase is capped at anadditional £500,000, which is payable in cash. Intruder is a specialist provider of electronic security solutions operatingexclusively in the UK. Its headquarters are in Bishop's Stortford, Hertfordshireand its operations are in the South East and North West of England and Scotland.Intruder specialises in networked security solutions. Intruder's audited accounts for the financial year ended 31 October 2004 showedturnover of £4,309,251, pre-tax profits for the year of £449,117 and net assetsof £942,758. Jim Rathbone, who has more than ten years experience in the security sector withChubb and Sensormatic, will join the Intruder business. The senior managementteam of Intruder includes Mark Phillips (the former principal shareholder ofIntruder) and Lee Abraham. Welcoming Intruder to MITIE, Chief Executive Ian Stewart commented, "I amdelighted that Mark Phillips and his team are joining MITIE. This is the firststep in our plan to develop a national electronic security business that willcomplement our existing manned guarding business. Further development will comefrom a combination of organic growth and additional acquisitions". "I am pleased that Intruder is now a part of MITIE. It is an excellent companythat is at the forefront of the integrated networked security market. It has astrong management team, a good customer base and an excellent reputation in itssector." Mark Phillips said, "Joining MITIE gives us the platform to turn Intruder intoone of the major players in the UK market. I am excited by the opportunity and Iam looking forward to working with the MITIE team in the future." 4 May 2005 For further information, please contact: Ian Stewart, Chief Executive, MITIE Group PLCTel: 0117 970 8800Mob: 07979 701002 Ruby McGregor-Smith, Finance Director, MITIE Group PLCTel: 0117 970 8800Mob: 07979 701004 John Telling, Head of Corporate Affairs, MITIE Group PLCTel: 020 7407 0094Mob: 07979 701006 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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