Mitie acquires Source Eight Limited

RNS Number : 0743Y

MITIE Group PLC

26 November 2014

 



26 November 2014

Mitie Group plc

Mitie acquires leading real estate, technology and risk management consultancy

Mitie Group plc ("Mitie"), the FTSE250 strategic outsourcing company, is pleased to announce that it has acquired a majority stake in Source Eight Limited ("Source8"), the real estate, technology and risk management consultancy.

Source8 delivers real estate, technology and risk management consultancy services to leading global corporations, with particular expertise in emerging markets and complex environments.

With a high quality management team, Source8 brings a strategic offering with strong growth potential and consulting capabilities both in the UK and overseas.

Source8 had turnover of £4.5m in 2013. The initial consideration payable is a maximum of £2.95m, with £2.5m paid in cash on completion, and the remainder payable dependent on performance targets.  Further consideration is payable in cash up to a maximum of £12.5m (£15.45m total consideration) depending on financial performance over a five year period.

Ruby McGregor-Smith CBE, Chief Executive of Mitie, comments: 

"We are delighted to have acquired a majority shareholding in Source8. This acquisition will enable us to significantly build upon our consultancy services offering and complement the services we already provide for our clients.

"We are very pleased to welcome the Source8 management team and employees to Mitie."

Simon Venn and Chris Rowley, Co-founders and Joint MDs of Source8, said: 

"This is a tremendously exciting milestone for Source8 and it will enable us to secure new growth for the company across all our service lines.  With Mitie's support, we will have the ideal platform from which to expand our international presence and serve our clients more efficiently, whilst maintaining the exceptionally high level of performance and quality for which we are known"

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For further information, contact:

Erica Lockhart

Executive Affairs Director, Mitie Group plc

T: [phone]                   M: [phone]  E: [e-mail] 

Helen Greenwood

Investor and Public Relations Manager, Mitie Group plc

T: [phone]                   M: [phone]   E: [e-mail]

What is Mitie?

Mitie is a FTSE250 strategic outsourcing company.

We work with people who want to perform better - now and in the future. We help our clients to run more efficient and effective businesses by looking after their facilities, their energy needs and the people they're responsible for.

We're all about developing our people to excel every day, challenge the status quo, and inspire change in the way people live and work.

Find out more at www.mitie.com

Source8

Source8 is a leading advisor on the implementation of Real Estate, Technology and Risk Managementsolutions. Source8 supports organisations looking to expand and strengthen their business and operations, in existing and new markets, reduce their risks, and adapt and respond to market changes.  Its three core competencies, combined with a unique ability to operate securely in both stable and emerging markets, enables Source8 to advise on and deliver sector-specific, fully integrated infrastructure and operational solutions anywhere in the world.

Find out more at www.Source8.co.uk

 

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