REG - MITIE Group PLC - Mitie acquires Grupo Visegurity in Spain

MITIEAnnouncement

07/10/2024 07:00

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RNS Number : 0865H  MITIE Group PLC  07 October 2024

7 October 2024

Mitie Group plc

LEI number: 213800MTCLTKEHWZMJ03

 

Mitie expands its security services in Spain through the acquisition of Grupo
Visegurity

 

Mitie Group plc ('Mitie' or 'the Group') announces the acquisition of Grupo
Visegurity ('Visegurity'), a leading Spanish security business, for a maximum
consideration of €11.0m (£9.2m) 1  (#_ftn1) , comprising an initial payment
of €9.0m (£7.5m) and performance-linked deferred payments of up to €2.0m
(£1.7m) over the next two years.

 

Based in Barcelona, Visegurity has over 20 years of experience in security
services, primarily focusing on manned guarding, alarm response and access
control, alongside concierge, patrol and security systems services, supported
by a 24/7 control centre.

 

Visegurity has a national operating licence and employs over 600 colleagues,
who will join Mitie's team of 8,400 colleagues in Spain. It has developed a
strong reputation in both the public and private sectors and has a loyal
customer base of national and regional customers across a wide range of
sectors, including local government, healthcare, pharmaceuticals and telecoms.

 

In a highly fragmented FM market, where participants are predominantly single
service, the acquisition of Visegurity, alongside Biservicus in September
2023, represents a strategic expansion of our security capabilities. The
business is highly complementary to the growing suite of services offered by
Mitie Spain and will enhance the cross-sell opportunity to an enlarged
blue-chip, customer base.

 

In the 12 months ended 31 December 2023, Visegurity delivered revenue of
€18.0m (+13% yoy) and EBITDA of €1.5m (+4% yoy).  The acquisition will be
funded from Mitie's existing facilities.

 

José Luis García Hurtado, Managing Director - Mitie Spain, said:

"This acquisition significantly enhances our service offering in Spain, adding
national security expertise and a broad customer base, to complement our
existing relationships. We see significant opportunities in the fragmented and
growing Spanish FM market to drive organic and inorganic growth in our Spanish
business over our new Facilities Transformation Three-Year Plan (FY25 - FY27).
We are delighted to welcome the Visegurity team to Mitie."

 

Pedro García Salayet, Managing Director - Grupo Visegurity, said:

"Becoming part of the Mitie Group, and having access to their blue-chip
customer base and their financial strength, will lead to greater opportunities
to grow our security business in Spain. I am excited about what the coming
years will bring."

 

-ENDS-

For further information

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

 Group IR and Corporate Finance 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 employs 68,000 colleagues and is the leading
technology-led Facilities Transformation company in the UK.  We are a trusted
partner to around 3,000 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
Cleaning & Hygiene (Soft Services) we hold market leadership positions.
 We also upsell Projects capabilities in the areas of building fitouts and
modernisation, decarbonisation, fire & security, and telecoms
infrastructure.  Our sector expertise includes Central Government, Critical
National Infrastructure, Defence, Financial Services, Healthcare & Life
Sciences, Local Government & Education, Retail & Logistics and
Transport & Aviation.

 

Over the previous Three-Year Plan (FY22 - FY24) Mitie delivered a Total
Shareholder Return (TSR) of 80% (#10 in FTSE 250).  Our new Facilities
Transformation Three-Year Plan (FY25 - FY27) is expected to extend Mitie's
market leadership position through accelerated growth and deliver enhanced
shareholder returns.

 

We hold industry-leading ESG credentials, including a place on the CDP Climate
change A List, and in the past 12 months we have received multiple industry
awards including B2B Marketing Team of the Year, Best Low Carbon Solution and
Net Zero Carbon Strategy of the Year.  Targeting Net Zero by the end of 2025,
our ambitious emissions reduction plans have been validated by the Science
Based Targets initiative (SBTi).  We have been recognised as a UK Top
Employer for the sixth consecutive year. Find out more at www.mitie.com
(http://www.mitie.com/) .

 

About Mitie Spain

Mitie Spain was acquired as part of the Interserve acquisition in December
2020. Since then, annual revenue has doubled to over €150m and the business
has expanded its capabilities to include cleaning, support and security
services, whilst adding customers in the public and private sectors, including
in Transport & Aviation.

 

About Grupo Visegurity

Grupo Visegurity delivers top-tier surveillance and protection services with
highly trained security personnel, combined with concierge and reception
services to ensure the highest standards of quality, trust, and efficiency. We
also offer a keyholding service for alarm verification, ensuring a swift
response to emergencies and seamless access for law enforcement. Our solutions
are distinguished by their speed, flexibility, and effectiveness, enhancing
the safety of our clients and their surroundings.

 

 

 

 1  (#_ftnref1) Reflects a cash free, debt free purchase, with a normalised
level of working capital. FX rate at 04/10/24

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