Mitie acquires Argus Fire for $49.3Mn, strengthens UK fire safety portfolio
LONDON, UNITED KINGDOM — Mitie Group plc, the UK provider of facilities management and security solutions, announced that it had acquired Argus Fire, an engineering-focused fire systems business, for £38 million (US$49.3 million).
The strategic acquisition adds expertise to Mitie’s expanding portfolio of fire protection services.
Enhancing technical capabilities
Argus Fire, now 40 years old and with its headquarters in Stourbridge, employs up to 200 highly competent professionals.
The company offers the design and installation of maintenance services for active fire protection systems. It has delivered some of its most impressive high-profile projects recently, including fitting fire suppression systems at the Battersea Power Station facilities and warehouses for some logistics and data storage clients.
“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,” said Jason Towse, Managing Director of Mitie Business Services.
We’re pleased to announce that Argus Fire has joined Mitie, bringing expertise in the design, installation and maintenance of fire systems, bolstering Mitie’s fire offering as we help customers meet tightening building and fire safety requirements. https://t.co/HIQwkwtkz2 pic.twitter.com/Z0hb81LHQw
— Mitie (@mitie) October 24, 2024
Financial performance and market impact
The acquisition comes at a time when Argus Fire has demonstrated strong financial performance. In the year ending March 2024, the company reported revenue of £44.3 million (US$57.4 million) and EBITDA of £3.8 million (US$4.9 million), representing year-over-year growth of 2% and 25%, respectively.
Mitie, founded in 1987, currently employs 68,000 people and serves approximately 3,000 blue-chip customers across the UK. The company operates in a fire and security market valued at approximately £3 billion (US$3.9 billion) annually.
“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,” said Matt Lincoln, Managing Director of Argus Fire.
The acquisition fits into the growing demand for integrated building systems and increased safety measures, driven by evolving legislative requirements that place greater responsibility on building owners and managers.
This strategic move follows Mitie’s recent acquisitions of GBE Converge and RHI Industrials, further solidifying its market position in the UK’s fire and security sector.
