Acquisition
MITIE Group PLC
02 April 2007
MITIE Group PLC ('MITIE')
Acquisition of Robert Prettie & Company Limited
MITIE is pleased to announce that it has acquired the entire issued share
capital of Jabez Holdings Limited, which owns (through an intermediate holding
company) 100% of the share capital of Robert Prettie & Co. Limited ('Robert
Prettie'). The shareholders of Jabez Holdings Limited are Mark Murphy, David
Bignall, Andrew Cresswell and Alan Burton.
The initial consideration is £8.6 million which will be settled on completion
through a combination of £7.0 million cash and £1.6 million of loan notes. In
addition, £0.8 million will be retained against potential warranty claims. There
will be potential deferred consideration based on performance over three years.
This will be settled in cash and loan notes up to a maximum of £23.3 million -
giving a maximum total consideration of £32.7 million. The first opportunity to
trigger the deferred consideration is in 2010, and the last in 2012. In
addition, MITIE has assumed debt of £3.7 million.
Robert Prettie is a specialist plumbing, heating and mechanical services
business concentrating on the housing market in the Midlands and Yorkshire.
Robert Prettie employs over 250 staff. In the year ended 31 March 2006, Jabez
Holdings Limited reported consolidated revenue of £34.3 million and profit
before tax of £2.8 million. Its consolidated gross assets at 31 March 2006 were
£14.2 million of which £9.1 million was goodwill.
This acquisition adds significantly to MITIE Property Services' range of
services in the housing sector and complements its existing regional operations.
Robert Prettie works in partnership with Local Authorities, Councils, Developers
and Registered Social Landlords on kitchen and bathroom installation, heating
replacement, gas servicing, maintenance and call out services.
MITIE's Chief Executive, Ruby McGregor-Smith, commented: 'This acquisition
increases our coverage in the housing sector and enhances the range of services
and national footprint of MITIE Property Services. We have been impressed by
Robert Prettie's quality of service and customer relationships. I am delighted
to welcome Robert Prettie's management and employees to MITIE.'
2 April 2007
For further information, please contact:
Ruby McGregor-Smith, Chief Executive, MITIE
Tel: 0117 970 8800
John Telling, Head of Corporate Affairs, MITIE
Tel: 020 7089 2500
Mob: 07979 701006
Notes:
MITIE is one of the UK's leading support services companies, delivering
facilities, engineering and property services to more than 6,000 public and
private sector clients. It is also one of the UK's largest employers with over
43,000 people supporting customers every day.
MITIE provides all of the facilities services that organisations may wish to
outsource including Catering, Cleaning, Document Management, Front of House
Services, Energy Services, Engineering Maintenance, Facilities Management,
Landscaping, Grounds Maintenance, Pest Control, Security and Waste and
Environmental Services. MITIE also offers engineering and property services,
improving buildings for its customers by providing Building Refurbishment,
Fit-Out and Maintenance Services, together with Mechanical & Electrical
Engineering.
MITIE's unique share ownership ethos 'Management Incentive Through Investment
Equity' (MITIE) encourages its employees to focus on what customers want.
MITIE's success in delivering sustainable growth, through responsible and
proactive engagement with stakeholders, has enabled the Group to become a FTSE
250 company, achieving annual revenues of over £1bn.
For more information please visit www.mitie.co.uk or email group@mitie.co.uk.
This information is provided by RNS
The company news service from the London Stock Exchange
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