Brian Sims
Editor
Brian Sims
Editor
MITIE GROUP plc has bought Gloucester-based GBE Converge Group – itself a leading independent provider of security, fire safety and information and communications technology solutions – for a maximum cash consideration of £27 million (comprising an initial payment of £20 million and deferred payments of up to £7 million across three years linked to performance).
GBE Converge Group was incorporated in 1998 and now boasts upwards of 20 years’ experience when it comes to delivering a broad range of security and fire safety-based solutions, including access control, intruder alarms, CCTV and security management systems in addition to fire detection and suppression systems.
The company also provides the information and communications technology (ICT) and network infrastructure to support these systems, in turn offering customers across the Government, construction, Data Centres and communication sectors fully integrated solutions in tandem with ongoing management and monitoring.
The business employs 170 colleagues and operates across both the UK and mainland Europe. It holds key industry certifications, including accreditations to install and maintain systems for many of the leading equipment manufacturers, among them AMAG, Cisco, Honeywell and Siemens.
Strong financials
For the 12-month period ending on 31 December 2022, GBE Converge Group’s revenue was £36 million (representing a 17% year-on-year growth) with EBITDA of £2.4 million (ie 53% year-on-year growth).
The acquisition builds on Mitie Group plc’s position as a leader in the field in terms of the intelligence and technology-led security and fire safety markets and follows the recent additions of Linx International (in April this year) and RHI Industrials (which occurred in May).
GBE Converge Group also has the potential to provide complementary services to JCA Engineering (acquired by Mitie Group plc in September) in delivering complex engineering projects in critical environments (such as Data Centres).
The acquisition will be funded from Mitie Group plc’s existing facilities.
Increasing convergence
Speaking about the deal, Phil Bentley, Group CEO at Mitie Group plc, explained: “We are delighted to welcome the GBE Converge Group team to the Group. As our customers’ needs for facilities transformation evolve and demand grows for smart buildings, building management systems are increasingly converging with security and fire safety-centred platforms. The acquisition of GBE Converge Group brings sophisticated intelligence-based security and fire safety capabilities to the forefront and enables Mitie Group plc to broaden the range of projects it can self-deliver for customers in the built environment.”
Jason Buttle, founder and CEO of GBE Converge Group, responded: “Joining Mitie Group plc and having access to its blue chip customer base and financial strength will lead to greater opportunities to grow our business. I’m tremendously excited about what the coming years will bring.”
*Further information is available online at www.mitie.com
