REG - MITIE Group PLC - Mitie acquires Forest Group Holdings

MITIEAnnouncement

Today 07:02

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20251120:nRST2395Ia&default-theme=true

RNS Number : 2395I  MITIE Group PLC  20 November 2025

20 November 2025

Mitie Group plc

LEI number: 213800MTCLTKEHWZMJ03

 

Mitie acquires Forest Group Holdings, adding specialist engineering
capabilities in commercial refrigeration

 

Mitie Group plc ("Mitie" or "the Group") announces the acquisition of Forest
Group Holdings ("Forest"), a specialist engineering business delivering
critical refrigeration maintenance services, for a maximum cash consideration
of £7m (comprising an initial payment of £4.5m and deferred payments of up
to £2.5m over three years, linked to performance).

 

Forest has over 30 years of experience, specialising in the installation and
maintenance of commercial refrigeration systems, primarily serving major
hospitality brands such as Mitchells & Butlers, Greene King and
Wetherspoon.

 

The acquisition will enable Mitie to self-deliver refrigeration services as
part of its wider market leading 'Intelligent Engineering' proposition. It
also creates significant opportunities to expand Forest's proven, highly
scalable operating model nationally and into the Retail and Distribution
sectors, where Mitie already has a strong presence in Security and Hygiene
services. Mitie's blue-chip customers include national high street retailers
alongside the major supermarket chains, which have extensive
operations-critical refrigeration requirements across their estates.

 

On completion of the transaction, Forest's 40 specialist engineers will join
Mitie's Technical Services division, building on existing capabilities in
Mechanical & Electrical (M&E) services, Heating, Ventilation & Air
Conditioning (HVAC), asset upgrades, decarbonisation technologies and power
& grid connections.

 

In the 12 months ended 31 January 2025, Forest delivered revenue of £7.6m and
EBITDA of £0.5m. The acquisition will be funded from Mitie's existing
facilities.

 

Adam Mitton, Technical Services Operating Officer, Mitie said:

 

"We are delighted to welcome the Forest team to the Group. As our customers'
needs for Integrated Facilities Management continue to grow, the acquisition
of Forest brings a scaled workforce and specialist engineering capabilities
that unlocks Mitie's ability to self-deliver critical refrigeration
engineering services across our clients' estates. Integrating refrigeration
assets into our Building Management Systems (BMS) will enhance the data-driven
smart monitoring and predictive maintenance of these critical assets for our
customers."

 

Neil Fraser, Joint Managing Director, Forest, said:

 

"Today represents an important strategic milestone for Forest as we join
Mitie. We are proud of what our people have achieved and deeply grateful for
their continued dedication. This next step strengthens our platform for
growth, enabling us to enhance our capabilities, support our colleagues, and
deliver even greater value to customers."

 

 

- END -

About Mitie: The Future of High Performing Places

Founded in 1987, Mitie employs 84,000 colleagues and is the leading
technology-led Facilities Management, Transformation and Compliance company in
the UK.  We are a trusted partner to blue-chip customers across the public
and private sectors, working with them to transform their built estates, and
the lived experience for their colleagues and customers, as well as providing
data-driven insights to inform better decision-making.

In each of our core services of engineering (hard services) and security and
hygiene (soft services) we hold market leadership positions.  We also deliver
transformational projects in the areas of power and grid connections, building
fit outs & modernisation, decarbonisation, fire safety & security and
telecoms infrastructure, alongside compliance capabilities in fire safety
& security and environmental services.  Our sector expertise includes
central government, critical national infrastructure, defence, financial
services, healthcare & life sciences, local government & education,
retail & logistics, manufacturing & media and transport &
aviation.

We hold industry-leading ESG credentials, including a place on the CDP Climate
change A List, and we have received multiple awards including Best Low Carbon
Solution and Net Zero Carbon Strategy of the year. We have validated
science-based targets that support our ambitions to reach Net Zero.  We have
been recognised as a UK Top Employer for the seventh consecutive year and Most
Admired Company in the Support Services sector. We are also ranked 16th in the
Top 100 Apprenticeship Employers and ninth in the Inclusive Top 50 UK
Employers list. Find out more at www.Mitie.com (http://www.mitie.com) .

 

About Forest Group Holdings

Forest Group Holdings is a multi-award-winning commercial refrigeration
specialist. With established operations across the Midlands, Northern England
and Scotland, Forest has become a trusted partner to some of the UK's most
recognised brands. The business employs 40 specialist engineers.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  ACQUKONRVKUAAAA



            Copyright 2019 Regulatory News Service, all rights reserved