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Highlights:
- Mitie Group acquires Spanish security company Grupo Visegurity for up to €11 million to expand its security capabilities.
- Visegurity generated €180 million in revenue in 2023, with a 13% year-on-year increase, further boosting Mitie’s presence in the Spanish market.
- The acquisition aligns with Mitie’s strategy to provide integrated security solutions and enhance opportunities for cross-selling to its blue-chip customer base.
Mitie Group (LSE:MTO), a UK-based facilities management company, has expanded its security capabilities with the acquisition of Spanish security firm Grupo Visegurity for up to €11 million (£9.2 million). The deal, announced on Monday, includes an initial payment of €9 million, with performance-related deferred payments of up to €2 million over the next two years.
Based in Barcelona, Visegurity specializes in manned guarding, alarm response, access control, and security systems. It also offers concierge and patrol services. The acquisition strengthens Mitie's presence in Spain, adding to its security portfolio after the September 2023 acquisition of Biservicus, a Spanish security services provider.
In 2023, Visegurity generated €180 million in revenue, a 13% increase year-on-year, with core earnings of €1.5 million, marking a 4% growth. Mitie plans to fund the acquisition from its existing resources, positioning itself for strategic growth in a fragmented market where many providers offer single services.
Strengthening Mitie's Presence in Spain
Phil Bentley, CEO of Mitie, commented on the acquisition, stating that Visegurity’s services align well with Mitie Spain’s growing portfolio. "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."
Mitie expects the acquisition to create significant cross-sell opportunities with its enlarged customer base, which includes blue-chip clients across Spain. The company’s goal is to provide a comprehensive suite of security solutions in one of Europe’s key markets.
Outlook for Growth
Mitie's recent acquisitions signal its commitment to expanding its security service offering in Europe, particularly in Spain. Visegurity's performance and growth in recent years underscore its potential to contribute to Mitie's strategy, providing a broader array of services to a more extensive client base.
