Mitie Group acquires Argus Fire for £38m
By Iain Gilbert
Date: Thursday 24 Oct 2024
(Sharecast News) - Outsourcing and energy services firm Mitie Group has acquired British engineering-led fire systems business Argus Fire for a total consideration of £38.0m, funded from existing resources.
Mitie said on Thursday that the addition of Argus Fire significantly enhanced its scale and self-delivered offering in the market, complementing its "broad range" of fire and security solutions added through the recent acquisitions of GBE Converge and RHI Industrials, and provided it with cross-selling.
In the 12 months ended 31 March, Argus Fire delivered revenues of £44.3m and underlying earnings of £3.8.
Managing director Jason Towse 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 circa £3.0bn per annum UK fire and security market."
As of 0850 BST, Mitie shares were up 0.10% at 119.32p.
Reporting by Iain Gilbert at Sharecast.com
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