MITIE Group PLC
04 May 2005
MITIE Group PLC ('MITIE')
Acquisition of Intruder International Ltd
Strategic move in Security
MITIE is pleased to announce that it has acquired 100% of the issued share
capital of Intruder International Ltd ('Intruder') for a consideration of £4
million payable in cash on completion. The sale and purchase agreement allows
for an adjustment to the acquisition price if the net assets in the completion
accounts are valued in excess of £950,000. The increase is capped at an
additional £500,000, which is payable in cash.
Intruder is a specialist provider of electronic security solutions operating
exclusively in the UK. Its headquarters are in Bishop's Stortford, Hertfordshire
and its operations are in the South East and North West of England and Scotland.
Intruder specialises in networked security solutions.
Intruder's audited accounts for the financial year ended 31 October 2004 showed
turnover of £4,309,251, pre-tax profits for the year of £449,117 and net assets
of £942,758.
Jim Rathbone, who has more than ten years experience in the security sector with
Chubb and Sensormatic, will join the Intruder business. The senior management
team of Intruder includes Mark Phillips (the former principal shareholder of
Intruder) and Lee Abraham.
Welcoming Intruder to MITIE, Chief Executive Ian Stewart commented, 'I am
delighted that Mark Phillips and his team are joining MITIE. This is the first
step in our plan to develop a national electronic security business that will
complement our existing manned guarding business. Further development will come
from a combination of organic growth and additional acquisitions'.
'I am pleased that Intruder is now a part of MITIE. It is an excellent company
that is at the forefront of the integrated networked security market. It has a
strong management team, a good customer base and an excellent reputation in its
sector.'
Mark Phillips said, 'Joining MITIE gives us the platform to turn Intruder into
one of the major players in the UK market. I am excited by the opportunity and I
am looking forward to working with the MITIE team in the future.'
4 May 2005
For further information, please contact:
Ian Stewart, Chief Executive, MITIE Group PLC
Tel: 0117 970 8800
Mob: 07979 701002
Ruby McGregor-Smith, Finance Director, MITIE Group PLC
Tel: 0117 970 8800
Mob: 07979 701004
John Telling, Head of Corporate Affairs, MITIE Group PLC
Tel: 020 7407 0094
Mob: 07979 701006
This information is provided by RNS
The company news service from the London Stock Exchange
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