Constructions services group acquired in £10m deal
Design and construction services provider 8point8 in Doncaster has been sold in a £10m deal.
The three 8point8 companies, 8point8 Support, 8point8 Training and Vantage Solutions, have been acquired by London-based facilities management company Mitie.
The acquisition supports Mitie’s strategy to build a leading telecoms support services company, providing acquisition, design and construction (ADC) services, and maintenance to the mobile telecoms tower infrastructure sector.
As 8point8 includes associated businesses, training provider 8point8 Training and specialist contract lifting business, Vantage Solutions, their combined expertise will provide Mitie with the opportunity to set the standard in health and safety for the industry while adding the capacity to increase self-delivery of critical services.
The Yorkshire corporate finance team of accountants and business advisors Azets advised on the deal.
The Azets team, led by director, Stephen Garbett, included head of corporate finance, Tony Farmer and business tax partner, Becky Maguire, and advised 8point8 on the corporate finance sale and transactional support.
Corporate legal advice to 8point8 was provided by commercial solicitor and partner at Andrew Jackson Solicitors in York, Philip Ashworth, Nicole Waldron (corporate), Fiona Phillips (tax), Juliette Fisher (property), Nick Wilson (employment).
Garbett said:”This has been an exciting and challenging deal which provides a strong strategic fit for Mitie. As part of the Mitie group 8Point8 can flourish and capitalise on the opportunities in the telecoms sector and 5g infrastructure rollout.”
Ashworth, added: “I am delighted that Sam and his colleagues managed to exit their businesses in such a successful way to Mitie PLC; I wish Sam and his colleagues all the best for the future under their new ownerships as part of the Mitie Group.”
