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Mitie Group PLC - Glasgow-based facilities management - Buys Scunthorpe, Lincolnshire-based ESM Power Ltd for up to £8.5 million, including a £5.5 million initial payment and performance linked payments of up to £3 million over the next two years. Founded in 2002, ESM designs and maintains high-voltage power connections to local authorities, commercial developments and power generation sites. In the financial year that ended April 30, ESM recorded £2.2 million in earnings before interest, tax, depreciation and amortisation on £25.5 million in revenue. It employs 60 engineers and installers. The acquisition will financed from existing facilities, Mitie says, and it will increase the company’s expertise in a growing high-voltage power connections market. Current stock price: 119.20 pence, down 0.2% on Wednesday morning in London 12-month change: up 21% Copyright 2024 Alliance News Ltd. All Rights Reserved.
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