MADRID (dpa-AFX) - Mitie Group plc (MTO.L), a facilities management and professional services company, announced Monday the acquisition of Grupo Visegurity, a Spanish security business, for a maximum consideration of 11.0 million euros or 9.2 million pounds.
The deal price comprises an initial payment of 9.0 million euros or 7.5 million pounds, and performance-linked deferred payments of up to 2.0 million euros or 1.7 million pounds over the next two years.
Barcelona -based Visegurity holds a national operating licence, and offers 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. In 2023, Visegurity delivered revenue of 18.0 million euros, a year-over-year growth of 13%, and EBITDA of 1.5 million euros, a 4% growth from last year.
With the deal, Visegurity's over 600 employees will join Mitie's team of 8,400 colleagues in Spain.
Mitie said the acquiring 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.
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).'
Copyright(c) 2024 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX
© 2024 AFX News
