Mitie buys Spain's Visegurity for £9.2m

7th Oct 2024 07:04

(Sharecast News) - Mitie Group said it had bought Spanish security business Grupo Visegurity for up to €11m (£9.2m), made up of an initial €9m payment and performance-linked deferred payments of up to €2m over the next two years.

Based in Barcelona, Visegurity provides manned guarding, alarm response and access control, alongside concierge, patrol and security systems services, Mitie said on Monday.

In the 12 months to December 31, 2023, Visegurity delivered revenue of €180m, up 13% year on year and core earnings €1.5m, an increase of 4%. The acquisition will be funded from Mitie's existing facilities.

"In a highly fragmented market, where participants are predominantly single service, the acquisition of Visegurity, alongside Biservicus in September 2023, represents a strategic expansion of our security capabilities."

"The business is highly complementary to the growing suite of services offered by Mitie Spain and will enhance the cross-sell opportunity to an enlarged blue-chip, customer base."

Reporting by Frank Prenesti for Sharecast.com