LONDON, UK: Mitie Group plc has acquired P2ML, a specialist telecoms tower design house, which will additional expand its Telecoms Acquisition, Design and Construction (ADC) capabilities following the acquisition of DAEL Telecoms final year.
P2ML has market main experience in offering design, construction, inspection and upkeep services for mobile telecoms infrastructure, enabling main community operators and tower owners to facilitate upgrades to their estates. This ensures that new technologies, such as 5G, can be implemented and optimised safely and to the highest standard.
P2ML will be acquired for a complete consideration of £2.1m, on a money free, debt free basis, with a normalised level of working capital. The acquisition will be funded from existing facilities. For the year ended 31 March 2021, P2ML reported income of £3.9m and working revenue of £0.5m. It will be accretive to earnings within the primary 12 months of ownership.
Andy Train, Managing Director, Mitie Telecoms, said: “The acquisition of P2ML is aligned with our growth and margin enhancement technique to make investments in companies in excessive growth markets with excessive margins, and provides an alternative to additional broaden our scale and experience within the telecoms sector.”
Founded in 1987, Mitie’s job is to take care of locations the place Britain works and is the main facilities administration firm within the UK. It offers a vary of services to Central Government and Defence customers; Communities (Healthcare, Education and Local Authorities); and Technical Services (Engineering Services, Energy, Water and Real Estate Services) and Business Services (Security, Cleaning and Office Services) to Private Sector clients in Financial Services, Manufacturing, Transport, Retail and Telecoms and more and more to the general public sector.
Mitie acquired Interserve’s FM enterprise in December 2020 and now employs 75,000 people. The enterprise continues to execute its technology-led technique and within the previous six months has received a number of awards.