TIDMMTO
RNS Number : 1145S
MITIE Group PLC
02 November 2023
2 November 2023
Mitie acquires GBE Converge Group, one of the UK's largest
independent Fire & Security businesses
Mitie Group plc ("Mitie" or "the Group") announces the
acquisition of GBE Converge Group ("GBE"), a leading independent
provider of fire, security and information and communications
technology ("ICT") solutions, for a maximum cash consideration of
GBP27m [1] (comprising an initial payment of GBP20m and deferred
payments of up to GBP7m over three years, linked to
performance).
GBE has over 20 years of experience delivering a broad range of
fire and security solutions, including fire detection and
suppression systems, access control, intruder alarms, CCTV, and
security management systems. The company also provides the ICT and
network infrastructure to support these systems, offering customers
fully integrated solutions and ongoing management and
monitoring.
GBE works with customers across all major market segments in
both the UK and Europe, including for government and in the
construction, data centres and ICT sectors. It holds key industry
certifications, including accreditations to install and maintain
systems for many of the leading equipment manufacturers, such as
AMAG, Cisco, Honeywell and Siemens.
The acquisition builds on Mitie's position as the leader in the
intelligence and technology-led Fire & Security markets and
follows the recent additions of Linx International (April) and RHI
Industrials (May). GBE also has the potential to provide
complementary services to JCA Engineering (acquired in September)
in delivering complex engineering projects in critical
environments, such as data centres.
For the 12 months ended 31 December 2022, GBE's revenue was
GBP36m (17% yoy growth) with EBITDA of GBP2.4m (53% yoy
growth).
The acquisition will be funded from Mitie's existing
facilities.
Phil Bentley, Group Chief Executive, Mitie, said:
"We are delighted to welcome the GBE team to the Group. As our
customers' needs for facilities transformation evolve and demand
grows for 'smart buildings', Building Management Systems are
increasingly converging with Fire & Security platforms. The
acquisition of GBE brings sophisticated intelligence-based Fire
& Security capabilities and enables Mitie to broaden the range
of projects we can self-deliver for our customers in the built
environment."
Jason Buttle, Found & Chief Executive, GBE Converge Group,
said:
"Joining the Mitie Group and having access to their blue-chip
customer base and financial strength will lead to greater
opportunities to grow our business. I am excited about what the
coming years will bring."
-ENDS-
For further information
Kate Heseltine M: +44 (0)738 443 E: kate.heseltine@mitie.com
Group IR Director 9112
Claire Lovegrove M: +44 (0)790 027 E: claire.lovegrove@mitie.com
Director of Corporate 6400
Affairs
Richard Mountain M: +44 (0)790 968
FTI Consulting 4466
About Mitie
Founded in 1987, Mitie's job is to look after places where
Britain works, and it is the leading facilities management and
transformation company in the UK. We offer a range of services to
the public sector through our Central Government & Defence and
Communities (Local Government & Education, Healthcare and Care
& Custody) divisions. Our Technical Services (Engineering
Services) and Business Services (Security, Cleaning, Landscapes,
Spain and Waste) divisions serve private sector customers in areas
such as Financial & Professional Services, Industrials, Retail
and Transport, and increasingly the public sector.
Mitie employs 64,000 people. We take care of our customers'
people and buildings, through the 'Science of Service', and we are
transforming facilities to be more flexible, safe, sustainable, and
attractive to all. Mitie continues to execute its technology-led
strategy and in the past twelve months has received multiple awards
and validation for its ambitious near and long-term science-based
emissions reduction targets from the Science Based Targets
initiative (SBTi). Find out more at www.mitie.com .
Mitie Projects employs 2,500 colleagues and delivers a full
suite of engineering services, including mechanical and electrical,
fire and security hardware, decarbonisation, renewable energy
installation, electrical connections and telecoms
infrastructure.
About GBE Converge Group
Gloucester based GBE was incorporated in 1998 and provides
independent and bespoke fire, security and ICT solutions to
customers in government and the construction, data centres and ICT
sectors. The business employs 170 colleagues and operates across
the UK and Europe.
[1] On a cash free, debt free basis with a normalised level of
working capital.
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END
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