MITIE Group Announces Sale And Purchase Agreement To Acquire Custom Solar

Mitie Group plc (MTO.L), on Thursday, announced a sale and purchase agreement to acquire the entire issued share capital of a solar power solutions company Custom Solar Ltd. The transaction is expected to complete on 30 June and will be funded through existing facilities.

The transaction consideration encompasses an initial payment of £8 million, with deferred payments in aggregate of up to £4.4 million by the end of FY25, linked to performance targets. Custom Solar will be acquired cash free, debt free, with a normalised level of working capital.

For the 12 months ended 31 March 2022, Custom Solar generated revenues of £15 million and profit before tax of £2 million and had gross assets of £7 million. Custom Solar is expected to be accretive to earnings in the first 12 months of ownership.

Further, the company stated that the staff and senior management team of Custom Solar, including Managing Director, Matthew Brailsford, will join Mitie to help drive the business forward.

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