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LONDON - Mitie Group plc (LSE:MTO) announced Thursday it has acquired Forest Group Holdings, a specialist engineering business focused on commercial refrigeration maintenance services, for a maximum consideration of £7 million.
The deal structure includes an initial payment of £4.5 million and potential deferred payments of up to £2.5 million over three years, contingent on performance targets. The acquisition will be funded through Mitie's existing facilities.
Forest Group Holdings, with over 30 years of experience in installation and maintenance of commercial refrigeration systems, primarily serves hospitality brands including Mitchells & Butlers, Greene King and Wetherspoon. The company generated revenue of £7.6 million and EBITDA of £0.5 million in the 12 months ended January 31, 2025.
The acquisition brings 40 specialist engineers into Mitie's Technical Services division, complementing its existing capabilities in mechanical and electrical services, HVAC, asset upgrades, decarbonization technologies, and power and grid connections.
According to the press release, the deal will enable Mitie to self-deliver refrigeration services as part of its engineering proposition and creates opportunities to expand Forest's operating model into retail and distribution sectors where Mitie already provides security and hygiene services.
Adam Mitton, Technical Services Operating Officer at Mitie, stated that integrating refrigeration assets into the company's Building Management Systems will enhance data-driven monitoring and predictive maintenance for customers.
Mitie, founded in 1987, employs 84,000 people and provides facilities management, transformation and compliance services across the UK.
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