Headline: "Mitie Expands Horizons with £38 Million Acquisition of Argus Fire"
LONDON - Mitie Group plc has completed the acquisition of Argus Fire, a UK-based fire systems company, for a total of £38.0 million. This strategic move strengthens Mitie's presence in the UK fire and security sector, known for its growth potential and increasing demand for technological and regulatory compliance.
With over 40 years of experience, Argus Fire specializes in the design, installation, servicing, and maintenance of active fire protection systems, including sprinklers and inert gas solutions, as well as electronic fire detection and alarm systems. The company has a diverse client base spanning industries such as education, healthcare, logistics, retail, construction, and transportation. It has demonstrated the capability to manage projects like the fire protection systems at Battersea Power Station and installations for new logistics and data storage warehouses.
The acquisition is expected to enhance Mitie's scale and self-delivery capabilities, complementing its fire and security solutions portfolio expanded through previous acquisitions like GBE Converge and RHI Industrial Products and Services. Additionally, it offers cross-selling opportunities to Mitie's established large customer base.
Argus Fire reported revenues of £44.3 million (an annual increase of 2%) and an EBITDA of £3.8 million (a 25% increase from the previous year) for the 12-month period ending 31.03.2024. The acquisition was financed using Mitie's existing financial resources.
Jason Towse, Managing Director of Business Services at Mitie, commented on the acquisition, stating that Argus Fire's deep technical capabilities reinforce Mitie's market leadership in delivering project, inspection, and maintenance services across various sectors within the UK fire and security market, valued at approximately £3 billion annually. He also noted that about 200 Argus Fire employees have joined the Mitie team.
Matt Lincoln, Managing Director of Argus Fire, expressed his excitement about joining Mitie, emphasizing the benefits of accessing Mitie's customer base, financial strength, and becoming part of an expanding fire and security team.
Mitie's acquisition is part of a broader trend of consolidating and enhancing technical capabilities to meet the increasing requirements for 'smart buildings' and evolving security regulations in the industry.