LONDON: Mitie Group has announced the acquisition of Argus Fire, a UK engineering-led fire systems business, for a total consideration of £38.0m, building on Mitie’s position as a leading operator in the high-growth, high-margin UK fire & security market.
Argus Fire has over 40 years of experience specialising in the design, installation, servicing and maintenance of active fire protection systems, using sprinklers and inert gas to control fire outbreaks, alongside electronic fire detection and alarm systems.
The company has a broad customer base with long-standing relationships across a range of sectors, including education, healthcare, logistics & industrial warehousing, retail, construction, and transport & aviation.
Recent projects include the design and installation of fire suppression systems at Battersea Power Station and across new build warehouse sites for logistics and data storage customers.
Growth in the UK fire & security market continues to be driven by the need to create ‘intelligent buildings’ through systems integrations and technological solutions, and is underpinned by evolving legislative requirements that place a greater responsibility on building owners and managers to protect occupants.
Argus Fire significantly enhances Mitie’s scale and self-delivered offering in this market, complementing the broad range of fire & security solutions added through the recent acquisitions of GBE Converge and RHI Industrials, and provides cross sell opportunities across Mitie’s blue-chip customer base.
In the 12 months ended 31 March 2024, Argus Fire delivered revenue of £44.3m (+2% yoy) and EBITDA of £3.8m (+25% yoy). The acquisition was funded from Mitie’s existing facilities.
Jason Towse, Managing Director – Mitie Business Services, said: “The acquisition of Argus Fire brings deep technical capabilities and builds on Mitie’s position as a market-leading provider of projects delivery, inspection and maintenance across a broad range of sectors in the c.£3bn p.a. UK fire & security market. We look forward to welcoming Argus Fire’s c.200 colleagues to Mitie.”
Matt Lincoln, Managing Director – Argus Fire, said: “We are delighted to be joining Mitie. Having access to their blue-chip customer base, benefiting from their financial strength, and being part of a fast-growing fire & security team will lead to greater opportunities. I am very proud of our team and look forward to joining forces with Mitie’s complementary skills in fire & security.”