Mitie Group plc (“Mitie”), the FTSE250 strategic outsourcing company, is pleased to announce that it has acquired a majority stake in Source Eight Limited (“Source8”), the real estate, technology and risk management consultancy.
Source8 delivers real estate, technology and risk management consultancy services to leading global corporations, with particular expertise in emerging markets and complex environments.
With a high quality management team, Source8 brings a strategic offering with strong growth potential and consulting capabilities both in the UK and overseas.
Source8 had turnover of £4.5m in 2013. The initial consideration payable is a maximum of £2.95m, with £2.5m paid in cash on completion, and the remainder payable dependent on performance targets. Further consideration is payable in cash up to a maximum of £12.5m (£15.45m total consideration) depending on financial performance over a five year period.
Ruby McGregor-Smith CBE, Chief Executive of Mitie, comments:
“We are delighted to have acquired a majority shareholding in Source8. This acquisition will enable us to significantly build upon our consultancy services offering and complement the services we already provide for our clients.
“We are very pleased to welcome the Source8 management team and employees to Mitie.”
Simon Venn and Chris Rowley, Co-founders and Joint MDs of Source8, said:
“This is a tremendously exciting milestone for Source8 and it will enable us to secure new growth for the company across all our service lines. With Mitie’s support, we will have the ideal platform from which to expand our international presence and serve our clients more efficiently, whilst maintaining the exceptionally high level of performance and quality for which we are known”
-Ends-
Notes for editors
Click here to access our latest Mitie imagery…
For further information, contact:
Erica Lockhart
Executive Affairs Director, Mitie Group plc
T: +44 (0) 203 123 8179 M: +44 (0) 7979 784 488 E: erica.lockhart@mitie.com
Helen Greenwood
Investor and Public Relations Manager, Mitie Group plc
T: +44 (0) 203 123 8731 M: +44 (0)7467 442 962 E: helen.greenwood@mitie.com
