Contract lifting business acquired in wider £10m deal
A specialist contract lifting business in Greater Manchester has been acquired by facilities management company Mitie as part of a wider £10m deal.
Listed Mitie has recently snapped up Yorkshire-based telecoms construction specialist 8point8 Support which includes two associated businesses, 8point8 Training, an industry leading training provider in Doncaster and Rochdale-based Vantage Solutions.
Mitie is looking to a expand its Telecoms Support Services company to service the growing demands of the 5G rollout, network upgrades and passive infrastructure investment.
The new division will provide acquisition, design and construction services, and maintenance to the mobile telecoms tower infrastructure sector and follows Mitie’s recent acquisitions of DAEL Ventures UK and P2ML Limited.
For the 12 months ended 31 December 2021, 8point8 generated combined revenues of £18.3m and profit before tax of £600,000, with gross assets of £6.2m.
Performance since 31 March 2021 has seen 8point8 ‘make a strong recovery from the significant operational disruption associated with the COVID pandemic.’
The management of 8point8 will be joining Mitie Telecoms and Sam Storer, currently MD of 8point8, will be appointed Chief Commercial Officer of Mitie Telecoms.
Andy Train, MD Mitie Telecoms, said: “The acquisition of 8point8 substantially increases our capacity within the fast-growing mobile telecoms sector and adds another well-respected team to the Mitie Telecoms business.
“We are now one of the largest Telecoms Support Services businesses in the UK, with strong capabilities to support all aspects of cell site acquisition, design, construction and ongoing site maintenance, allowing us to better serve our existing customers and to continue to add new clients as the rollout of 5G in the UK gathers pace.”