Mitie acquires Grupo Visegurity in Spain

MITIE Group PLC

07 October 2024

 

7 October 2024

Mitie Group plc

LEI number: 213800MTCLTKEHWZMJ03

Mitie expands its security services in Spain through the acquisition of Grupo Visegurity

Mitie Group plc ('Mitie' or 'the Group') announces the acquisition of Grupo Visegurity ('Visegurity'), a leading Spanish security business, for a maximum consideration of €11.0m (£9.2m)[1], comprising an initial payment of €9.0m (£7.5m) and performance-linked deferred payments of up to €2.0m (£1.7m) over the next two years.  

Based in Barcelona, Visegurity has over 20 years of experience in security services, primarily focusing on manned guarding, alarm response and access control, alongside concierge, patrol and security systems services, supported by a 24/7 control centre.

Visegurity has a national operating licence and employs over 600 colleagues, who will join Mitie's team of 8,400 colleagues in Spain. It has developed a strong reputation in both the public and private sectors and has a loyal customer base of national and regional customers across a wide range of sectors, including local government, healthcare, pharmaceuticals and telecoms.

In a highly fragmented FM market, where participants are predominantly single service, the acquisition of Visegurity, alongside Biservicus in September 2023, represents a strategic expansion of our security capabilities. The business is highly complementary to the growing suite of services offered by Mitie Spain and will enhance the cross-sell opportunity to an enlarged blue-chip, customer base.   

In the 12 months ended 31 December 2023, Visegurity delivered revenue of €18.0m (+13% yoy) and EBITDA of €1.5m (+4% yoy).  The acquisition will be funded from Mitie's existing facilities. 

José Luis García Hurtado, Managing Director - Mitie Spain, said:

"This acquisition significantly enhances our service offering in Spain, adding national security expertise and a broad customer base, to complement our existing relationships. We see significant opportunities in the fragmented and growing Spanish FM market to drive organic and inorganic growth in our Spanish business over our new Facilities Transformation Three-Year Plan (FY25 - FY27). We are delighted to welcome the Visegurity team to Mitie."  

Pedro García Salayet, Managing Director - Grupo Visegurity, said:

"Becoming part of the Mitie Group, and having access to their blue-chip customer base and their financial strength, will lead to greater opportunities to grow our security business in Spain. I am excited about what the coming years will bring."

-ENDS-

For further information 

Kate Heseltine  Group IR and Corporate Finance Director	M: [phone]	E: [e-mail]
Claire Lovegrove  Director of Corporate Affairs	M: [phone]	E: [e-mail]
Richard Mountain  FTI Consulting	M: [phone]

About Mitie

Founded in 1987, Mitie employs 68,000 colleagues and is the leading technology-led Facilities Transformation company in the UK.  We are a trusted partner to around 3,000 blue chip customers across the public and private sectors, working with them to transform their built estates, and the lived experience for their colleagues and customers, as well as providing data-driven insights to inform better decision-making.

In each of our core services of Engineering (Hard Services) and Security and Cleaning & Hygiene (Soft Services) we hold market leadership positions.  We also upsell Projects capabilities in the areas of building fitouts and modernisation, decarbonisation, fire & security, and telecoms infrastructure.  Our sector expertise includes Central Government, Critical National Infrastructure, Defence, Financial Services, Healthcare & Life Sciences, Local Government & Education, Retail & Logistics and Transport & Aviation.

Over the previous Three-Year Plan (FY22 - FY24) Mitie delivered a Total Shareholder Return (TSR) of 80% (#10 in FTSE 250).  Our new Facilities Transformation Three-Year Plan (FY25 - FY27) is expected to extend Mitie's market leadership position through accelerated growth and deliver enhanced shareholder returns.

We hold industry-leading ESG credentials, including a place on the CDP Climate change A List, and in the past 12 months we have received multiple industry awards including B2B Marketing Team of the Year, Best Low Carbon Solution and Net Zero Carbon Strategy of the Year.  Targeting Net Zero by the end of 2025, our ambitious emissions reduction plans have been validated by the Science Based Targets initiative (SBTi).  We have been recognised as a UK Top Employer for the sixth consecutive year. Find out more at www.mitie.com.

About Mitie Spain

Mitie Spain was acquired as part of the Interserve acquisition in December 2020. Since then, annual revenue has doubled to over €150m and the business has expanded its capabilities to include cleaning, support and security services, whilst adding customers in the public and private sectors, including in Transport & Aviation.

About Grupo Visegurity

Grupo Visegurity delivers top-tier surveillance and protection services with highly trained security personnel, combined with concierge and reception services to ensure the highest standards of quality, trust, and efficiency. We also offer a keyholding service for alarm verification, ensuring a swift response to emergencies and seamless access for law enforcement. Our solutions are distinguished by their speed, flexibility, and effectiveness, enhancing the safety of our clients and their surroundings.

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[1] Reflects a cash free, debt free purchase, with a normalised level of working capital. FX rate at 04/10/24

 

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