MITIE GROUP plc has acquired Argus Fire, the engineering-led UK fire systems business, for a total consideration of £38 million. The transaction builds on Mitie’s position as a leading operator in the high-growth, high-margin UK fire and security markets.
Established back in 1982, Stourbridge-based Argus Fire specialises in the design, installation, servicing and maintenance of active fire protection systems, using sprinklers and inert gas to control fire outbreaks, while also focusing its attentions on electronic fire detection and alarm systems.
The company boasts a broad customer base with long-standing business relationships having been forged across a range of sectors, among them education, healthcare, logistics and industrial warehousing, retail, construction, and transport and aviation.
Recent projects for the company have included the design and installation of fire suppression systems for the redevelopment of Battersea Power Station and across new build warehouse sites for logistics and data storage customers.
Creating ‘intelligent buildings’
Growth in the UK’s fire and security markets continues to be driven by the need to create ‘intelligent buildings’ through system integrations and technological solutions. Necessarily, it’s also underpinned by evolving legislative requirements that place a greater responsibility on building owners and managers to protect occupants.
For its part, Argus Fire significantly enhances Mitie’s scale and self-delivered offer in the fire market, complementing the broad range of fire and security solutions added through the recent acquisitions of GBE Converge and RHI Industrials. The acquisition also delivers cross-selling opportunities across Mitie’s established blue chip customer base.
In the 12 months ended 31 March 2024, Argus Fire delivered revenues of £44.3 million (+2% year-on-year) and EBITDA of £3.8 million (+25% year-on-year). The acquisition was funded from Mitie’s existing facilities.
Technical capabilities
Jason Towse, managing director of business services at Mitie, said: “The acquisition of Argus Fire brings deep technical capabilities and builds on Mitie’s position as a market-leading provider of project delivery, inspection and maintenance solutions across a broad range of sectors in the circa £3 billion pr annum UK fire and security markets. We look forward to welcoming Argus Fire’s 200 colleagues to Mitie.”
Matt Lincoln, managing director at Argus Fire, responded: “We are delighted to be joining Mitie. Having access to its blue chip customer base, benefiting from its financial strength and being part of a fast-growing fire and security team will lead to greater opportunities. I’m very proud of our team and look forward to joining forces with Mitie’s complementary skills in the fire and security realms.”
*Further information is available online at www.mitie.com and www.argusfire.co.uk
