Mitie Group PLC (MTO.L) said on Thursday that it has acquired Forest Group Holdings, a provider of critical refrigeration maintenance services, for £7 million in cash. This includes an initial payment of £4.5 million and deferred payments of up to £2.5 million over three years, linked to the performance.
Mitie will fund this acquisition from its existing facilities. Forest is a specialist in the installation and maintenance of commercial refrigeration systems, primarily serving major hospitality brands.
Adam Mitton, Technical Services Operating Officer of Mitie said: "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 will enhance the data-driven smart monitoring and predictive maintenance of these critical assets for our customers."
For the 12-month period to January 31, Forest had reported EBITDA of £0.5 million, on revenue of £7.6 million.
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