Mitie to buy fire systems business Argus Fire for £38.0 million
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 $38.0 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 £44.3 million and earnings before interest, tax, depreciation and amortisation of £3.8 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 £3 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.
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