LONDON (dpa-AFX) - U.K.-based facilities management business Mitie Group plc (MTO) on Thursday announced the acquisition of Argus Fire, a U.K.-based engineering-led fire systems business, for a total consideration of 38.0 million pounds.
The acquisition was funded from Mitie's existing facilities.
Argus Fire has over 40 years of experience specializing 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. In the 12 months ended March 31, 2024, Argus Fire had delivered a revenue of 44.3 million pounds and EBITDA of 3.8 million pounds.
The acquisition would allow Mitie Group to build on its position as a leading operator in the high-growth, high-margin U.K. fire & security market.
Copyright(c) 2024 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX
© 2024 AFX News
