Facilities management group Mitie has paid an initial 拢4.5m for Forest Group Holdings with deferred payments of up to 拢2.5m over the next three years, linked to performance.
Forest has more than 30 years of experience, specialising in the installation and maintenance of commercial refrigeration systems, primarily serving major hospitality brands including Mitchells & Butlers, Greene King and Wetherspoon. It turned over 拢7.6m last year
Mitie said that the acquisition would enable it to self-deliver refrigeration services as part of its wider 'intelligent engineering' offering. It also creates opportunities to expand Forest's operating model nationally and into the retail and distribution sectors, where Mitie already has a strong presence in security and hygiene services.
聽On completion of the transaction, Forest's 40 specialist engineers will join Mitie's technical services division, building on existing capabilities in mechanical & electrical (M&E) services, heating, ventilation & air conditioning (HVAC), asset upgrades, decarbonisation technologies and power & grid connections.
Mitie technical services operating officer Adam Mitton said: "As our customers' needs for integrated facilities management continue to grow, 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 (BMS) will enhance the data-driven smart monitoring and predictive maintenance of these critical assets for our customers."
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