Tue, 02 May 2023 | BUSINESS SALE
Security services provider R H Irving Industrials has been acquired by Mitie Group in a deal worth £19.1 million. The deal represents a 7.95x multiple of the company’s £2.4 million EBITDA for the year ending February 28 2023, which was generated on revenue of £17.4 million.
Working throughout the UK, R H Irving Industrials provides security services across highly regulated sectors, including for utilities and critical national infrastructure. The company’s services include the design, installation and maintenance of electronic security systems, cyber protection, perimeter security fencing, gate automation, civil engineering, earthing services and hostile vehicle mitigation.
The company is headquartered in Newcastle and has further bases in Nottingham, Carlisle, Washington, Farmborough and Bromsgrove.
Mitie says that the acquisition, which will be funded from the group’s existing facilities, will bolster its existing capabilities in fire and security systems in Businesses Services, while the target firm’s earthing offering will complement its businesses in Projects and Technical Services.
R H Irving Industrials has recently been expanding its earthing capabilities, including into several high growth areas, such as 5G and electric vehicle charging infrastructure, where Mitie has been targeting expansion.
Mitie Business Services managing director Jason Towse commented: "R H Irving Industrials is our second security-related acquisition in recent months, reflecting the group's strategy to invest in high growth, high margin companies in the key sectors of security technology, decarbonisation, and telecoms. The business both complements and enhances Mitie's existing capabilities and customer base.”
RG Corporate Finance (RGCF) advised RH Irving Industrials’ shareholders on the deal, while legal advice was provided by Square One Law.
RGCF Corporate Finance Director Rhiannon Nightingale said: "R H Irving Industrials Ltd is a real North East success story and this acquisition provides a fantastic opportunity to be part of the UK's leading facilities management and professional services company, with an extensive network that will deliver growth and fresh opportunities.”
Square One Law partner Ashraf Ali added: "Square One Law has had a long working relationship with R H Irving Industrials and its management team and enjoyed supporting the business as it has grown and prospered. It has been a privilege to now support the shareholders on the sale of the company to Mitie, realising all their hard work over the years."
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