REG - MITIE Group PLC - Acquisition of R H Irving Industrials Ltd

MITIEAnnouncement

02/05/2023 07:00

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RNS Number : 9838X  MITIE Group PLC  02 May 2023

2 May 2023
Mitie Group plc
LEI number: 213800MTCLTKEHWZMJ03
 

Mitie expands security systems offering with the acquisition of R H Irving
Industrials Ltd

 

Mitie Group plc ('Mitie' or 'the Group') announces today that it has acquired
R H Irving Industrials Ltd, a specialist in security services, for a total
consideration of £19.1m 1  (#_ftn1) , building on our position as the UK's
leading intelligence and technology-led security provider.

 

R H Irving Industrials has approximately 25 years of experience delivering a
broad range of complex and sophisticated security services, including the
design, installation, and maintenance of electronic security systems,
perimeter security fencing, gate automation, hostile vehicle mitigation, cyber
protection, civil engineering, and earthing services.

 

The company has a strong reputation in highly regulated sectors, such as
critical national infrastructure and utilities, and it has also been expanding
its earthing capabilities into high growth areas where Mitie has also been
expanding, such as 5G and electrical vehicle charging infrastructure.

 

The acquisition will strengthen our existing fire and security systems
capabilities in Business Services, whilst the company's earthing services
complement our Projects and Technical Services businesses.

 

The acquisition will be funded from Mitie's existing facilities.  For the
year ended 28 February 2023, R H Irving Industrials reported revenue of
£17.4m and EBITDA of £2.4m.

 

Jason Towse, Managing Director, Mitie Business Services, said:

"R H Irving Industrials is our second security-related acquisition in recent
months, reflecting the Group's strategy to invest in high growth, high margin
companies in the key sectors of security technology, decarbonisation, and
telecoms. The business both complements and enhances Mitie's existing
capabilities and customer base.  We are delighted to welcome the R H Irving
Industrials team to Mitie."

-ENDS-

For further information

 Kate Heseltine                  M: +44 (0)738 443 9112  E: kate.heseltine@mitie.com (mailto:kate.heseltine@mitie.com)

 Group IR Director

 Claire Lovegrove                M: +44 (0)790 027 6400  E: claire.lovegrove@mitie.com (mailto:claire.lovegrove@mitie.com)

 Director of Corporate Affairs

 Richard Mountain                M: +44 (0)790 968 4466

 FTI Consulting

 

About Mitie

Founded in 1987, Mitie's job is to look after places where Britain works and
is the leading facilities management company in the UK. We offer a range of
services to the Public Sectors in Central Government and Defence and
Communities (Healthcare, Education and Campus & Critical). Our Technical
Services (Engineering Services, Energy, Water and Real Estate Services) and
Business Services (Security, Cleaning and Office Services) divisions serve
private sector customers in Telecoms, Financial & Professional Services,
Transport and Industrials and increasingly to the public sector. Finally, our
Specialist Services (Care & Custody, Landscapes, Waste Management and
Spain) division serves both the public and private sectors.

Mitie employs 68,000 people. We are the champion of the 'Frontline Heroes' who
have kept Britain working during the COVID pandemic. 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. The business continues to execute its technology-led strategy and in
the past twelve months has received multiple awards. Find out more at
www.mitie.com.

 

 1  (#_ftnref1) On a cash free, debt free basis with a normalised level of
working capital

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