Gloucestershire fire and security firm bought in £27m deal
A firm which specialises in fire and security technology has been acquired in a deal worth £27m.
The Gloucestershire based GBE Converge Group has been bought by national services and property management business Mitie.
GBE Converge Group is a leading independent provider of fire, security and information and communications technology solutions,
Mitie is paying £20m for the business plus deferred payments of up to £7m over three years – linked to performance.
GBE has over 20 years of experience delivering a broad range of fire and security solutions, including fire detection and suppression systems, access control, intruder alarms, CCTV, and security management systems.
The company also provides the ICT and network infrastructure to support these systems, offering customers fully integrated solutions and ongoing management and monitoring.
GBE works with customers across all major market segments in both the UK and Europe, including for government and in the construction, data centres and ICT sectors.
It holds key industry certifications, including accreditations to install and maintain systems for many of the leading equipment manufacturers, such as AMAG, Cisco, Honeywell and Siemens.
The acquisition builds on Mitie’s position as the leader in the intelligence and technology-led fire and security markets and follows the recent additions of Linx International and RHI Industrials.
Last year GBE’s revenue was £36m with EBITDA of £2.4m.
The acquisition will be funded from Mitie’s existing facilities.
Mitie chief executive Phil Bentley said: “We are delighted to welcome the GBE team to the Group.
“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.
“The acquisition of GBE brings sophisticated intelligence-based Fire & Security capabilities and enables Mitie to broaden the range of projects we can self-deliver for our customers in the built environment.”
Jason Buttle, founder and chief executive of GBE Converge Group, said: “Joining the Mitie Group and having access to their blue-chip customer base and financial strength will lead to greater opportunities to grow our business. I am excited about what the coming years will bring.” Gloucester based GBE was incorporated in 1998 employs 170 staff and operates across the UK and Europe.