Mitie expands security services with RHI deal
LONDON, UNITED KINGDOM — British strategic outsourcing giant Mitie Group enhances its security systems offering after acquiring R H Irving (RHI) Industrials for £19.1 million (US$24.1 million).
Funds for the acquisition will be sourced from Mitie’s existing facilities.
Mitie says the deal will strengthen its existing fire and security systems capabilities in business services.
RHI Industrials is security solution provider that offers protection of property, equipment, and high-security assets. Mitie says the company reported revenue of £17.4 million (US$21.9 million) and earnings before interest, taxes, depreciation and amortization of £2.4 million (US$3 million) for the year ended Feb. 28.
Established in 1999, Mitie provides facilities, property, and energy management for public and private sector businesses. According to Zoominfo, it has over 10,000 employees, with an estimated revenue of US$4.8 billion.
RHI Industrials is Mitie’s second security-related acquisition in recent months. In April, Mitie acquired Linx International Group, a leading risk management and consulting business.
Jason Towse, Managing Director of Mitie Business Services, said the move reflects the company’s “strategy to invest in high growth, high margin companies in the key sectors of security technology, decarbonisation, and telecoms.”
Mitie believes the acquisition will further build its position as the leading intelligence and technology-led security provider in the United Kingdom.