Mitie Group PLC (LSE:MTO) has announced the acquisition of fire and security firm GBE Converge Group for £27 million in a bid to ramp up safety offerings.
Announcing the deal on Thursday, facility management firm Mitie pointed to GBE’s fire detection and suppression systems, alongside its alarms, CCTV and security management technology.
The acquisition will be funded through Mitie’s existing facilities and will comprise of an initial payment of £20 million, followed by performance-linked instalments.
“As our customers' needs for facilities transformation evolve and demand grows for 'smart buildings', building management systems are increasingly converging with fire and security platforms,” Mitie chief executive Phil Bentley said.
“The acquisition of GBE brings sophisticated intelligence-based fire and security capabilities and enables Mitie to broaden the range of projects we can self-deliver for our customers in the built environment."
Mitie added that the acquisition of GBE could help build on its leading position in the intelligence and technology-led fire and security markets, following a host of other takeovers this year.