REG - MITIE Group PLC - Mitie acquires UK fire systems business

MITIEAnnouncement

24/10/2024 07:00

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RNS Number : 3836J  MITIE Group PLC  24 October 2024

24 October 2024

Mitie Group plc

LEI number: 213800MTCLTKEHWZMJ03

 

 

Mitie acquires UK engineering-led fire systems business, Argus Fire

 

Mitie Group plc ('Mitie' or 'the Group') announces the acquisition of Argus
Fire, a UK engineering-led fire systems business, for a total consideration of
£38.0m 1  (#_ftn1) , building on Mitie's position as a leading operator in
the high-growth, high-margin UK fire & security market.

Argus Fire has over 40 years of experience specialising in the design,
installation, servicing and maintenance of active fire protection systems,
using sprinklers and inert gas to control fire outbreaks, alongside electronic
fire detection and alarm systems.

The company has a broad customer base with long-standing relationships across
a range of sectors, including education, healthcare, logistics &
industrial warehousing, retail, construction, and transport & aviation.
Recent projects include the design and installation of fire suppression
systems at Battersea Power Station and across new build warehouse sites for
logistics and data storage customers.

Growth in the UK fire & security market continues to be driven by the need
to create 'intelligent buildings' through systems integrations and
technological solutions, and is underpinned by evolving legislative
requirements that place a greater responsibility on building owners and
managers to protect occupants.

Argus Fire significantly enhances Mitie's scale and self-delivered offering in
this market, complementing the broad range of fire & security solutions
added through the recent acquisitions of GBE Converge and RHI Industrials, and
provides cross sell opportunities across Mitie's blue-chip customer base.

In the 12 months ended 31 March 2024, Argus Fire delivered revenue of £44.3m
(+2% yoy) and EBITDA of £3.8m (+25% yoy). The acquisition was funded from
Mitie's existing facilities.

 

Jason Towse, Managing Director - Mitie Business Services, 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 c.£3bn 2 
(#_ftn2) p.a. UK fire & security market. We look forward to welcoming
Argus Fire's c.200 colleagues to Mitie."

Matt Lincoln, Managing Director - Argus Fire, said:

"We are delighted to be joining Mitie. Having access to their blue-chip
customer base, benefiting from their financial strength, and being part of a
fast-growing fire & security team will lead to greater opportunities. I am
very proud of our team and look forward to joining forces with Mitie's
complementary skills in fire & security."

 

-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 deliver projects capabilities in the areas of grid connections,
building fitouts & 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.

 

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 Argus Fire

Argus Fire is a family-owned UK engineering-led fire systems business based in
Stourbridge. Established in 1982, Argus Fire designs, installs, services and
maintains active fire protection systems, alongside electronic fire detection
and alarm systems, and works across a broad range of sectors. Find out more at
www.argusfire.co.uk (http://www.argusfire.co.uk) .

 

 

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

 2  (#_ftnref2) AMA research, 2023

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