Mitie Group has acquired GBE Converge Group (GBE), a leading independent provider of fire, security and information and communications technology.
The purchase, which is for a maximum cash consideration of £27 million, comprises of an initial payment of £20 million and deferred payments of up to £7 million over three years, linked to performance.
GBE has over 20 years of experience delivering a broad range of fire and security solutions, including fire detection and suppression systems, access control, intruder alarms, CCTV, and security management systems. The company also provides the ICT and network infrastructure to support these systems, offering customers fully integrated solutions and ongoing management and monitoring.
GBE works with customers across all major market segments in both the UK and Europe, including for government and in the construction, data centres and ICT sectors.
The acquisition builds on Mitie’s leading position in the intelligence and technology-led Fire & Security markets and follows the recent additions of Linx International (April) and RHI Industrials (May) and JCA Engineering (September).
Commenting on the acquisition, Phil Bentley, Group Chief Executive, Mitie, said: “We are delighted to welcome the GBE team to the Group. As our customers’ needs for facilities transformation evolve and demand grows for ‘smart buildings’, Building Management Systems are increasingly converging with Fire & Security platforms. The acquisition of GBE brings sophisticated intelligence-based Fire & Security capabilities and enables Mitie to broaden the range of projects we can self-deliver for our customers in the built environment.”
Jason Buttle, Found & Chief Executive, GBE Converge Group, said: “Joining the Mitie Group and having access to their blue-chip customer base and financial strength will lead to greater opportunities to grow our business. I am excited about what the coming years will bring.”
For the 12 months ended 31 December 2022, GBE’s revenue was £36 million (17 per cent year-on-year growth) with EBITDA of £2.4 million (53 per cent year-on-year growth). The acquisition will be funded from Mitie’s existing facilities.
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