LONDON, UK: Mitie Group plc has entered into an agreement to sell its Document Management business to Swiss Post Solutions Limited (SPS) for £40 million on a debt-free cash-free basis, a news release said.
Mitie Document Management delivered revenue of £48m and an EBITDA of £4.2m for the twelve months to 31 March 2021.
The deal is conditional on the completion of a TUPE consultation process with employees of Mitie Document Management business and is expected to complete by the end of September 2021.
Headquartered in Zurich with operations across the world, SPS is a leading outsourcing provider of document management services, is at the forefront of digital transformation in document management and information processing, and is looking to grow its Document Logistics and Business Process Services business across the UK and Ireland.
Following the completion of the transaction, document management services will remain an important part of Mitie’s integrated facilities management (IFM) service offering to our clients, under a preferred supplier partnership with SPS, and the additional scale and expertise of SPS will enhance the range of document management services offered to Mitie’s IFM clients.
The sale continues the Group’s strategy of realising value from non-core businesses whilst allowing reinvestment (such as the DAEL Telecom acquisition made earlier this month) in higher growth opportunities, underpinned by our ‘Science of Service’ technology in a post-COVID world.
Phil Bentley, Chief Executive Officer, Mitie Group, said: “By joining forces with Swiss Post Solutions, the Document Management business will continue to grow and flourish, allowing Mitie to focus on our technology-led, Science of Service strategy in our core divisions.
“I would like to thank the Document Management team for their contribution to the Group, and we look forward to working with SPS to bring new innovation to our existing and future IFM clients.”
Founded in 1987, Mitie’s job is to look after places where Britain works and is the leading facilities management company in the UK. www.mitie.com
Swiss Post Solutions (SPS) is a leading outsourcing provider for business processes solutions and innovative services in document management. www.swisspostsolutions.com