Mitie has swooped for Midlands-based refrigeration expert Forest Group Holdings in a deal worth up to £7m.
The move hands Mitie a 40-strong specialist engineering workforce and brings critical commercial refrigeration maintenance in-house for the first time.
The deal sees the firm pay £4.5m upfront with a further £2.5m tied to performance over three years. It gives Mitie extra muscle in hospitality, retail and distribution sectors.
Forest, which turns over £7.6m with EBITDA of £0.5m, works with major hospitality players including Mitchells & Butlers, Greene King and Wetherspoon. The group has more than 30 years’ experience and a footprint stretching across the Midlands, northern England and Scotland.
Its engineers will slot into Mitie’s Technical Services arm, bolstering existing M&E, HVAC, asset upgrade and decarbonisation capabilities and expanding the firm’s ‘Intelligent Engineering’ offer.
Mitie said integrating refrigeration kit into its Building Management Systems will crank up data-driven remote monitoring and predictive maintenance across large estates.
Adam Mitton, technical services operating officer, said: “As our customers’ needs for Integrated Facilities Management continue to grow, the acquisition of Forest brings a scaled workforce and specialist engineering capabilities that unlocks Mitie’s ability to self-deliver critical refrigeration engineering services across our clients’ estates.
“Integrating refrigeration assets into our Building Management Systems (BMS) will enhance the data-driven smart monitoring and predictive maintenance of these critical assets for our customers.”
from Construction Enquirer https://ift.tt/bxdkl9J