Mitie Group acquires Argus Fire for £38m

Outsourcing and energy services firm Mitie Group has acquired British engineering-led fire systems business Argus Fire for a total consideration of £38.0m, funded from existing resources.

Mitie said on Thursday that the addition of Argus Fire significantly enhanced its scale and self-delivered offering in the market, complementing its "broad range" of fire and security solutions added through the recent acquisitions of GBE Converge and RHI Industrials, and provided it with cross-selling.

In the 12 months ended 31 March, Argus Fire delivered revenues of £44.3m and underlying earnings of £3.8.

Managing director Jason Towse said: "The acquisition of Argus Fire brings deep technical capabilities and builds on Mitie's position as a market-leading provider of projects delivery, inspection and maintenance across a broad range of sectors in the circa £3.0bn per annum UK fire and security market."

As of 0850 BST, Mitie shares were up 0.10% at 119.32p.

Reporting by Iain Gilbert at Sharecast.com