Acquisition
July 03 2003 - 7:28AM
UK Regulatory
RNS Number:1203N
MITIE Group PLC
03 July 2003
MITIE Group PLC
Acquisition of Eagle Pest Control Services UK Ltd
Strategic move in Pest Control.
MITIE Group PLC, ("MITIE"), is pleased to announce that it has acquired Eagle
Pest Control Services UK Ltd, ("Eagle"). The consideration comprises an initial
cash payment of #2.8million with additional consideration based on future
profitability, also payable in cash.
The additional consideration is split as follows:
*#1.2 million payable at any time between 2008 and 2013 if an agreed
profit threshold is met
*If this profit threshold is exceeded then an additional amount will
become payable, with the total consideration for Eagle capped at #6 million.
With current turnover in excess of #4million, Eagle is one of the UK's top five
pest control providers and operates in the commercial sector - primarily office,
food retail, industrial premises and transportation. Major customers include
Safeway, Woolworths, BAA and the NHS.
MITIE's Chief Executive, Ian Stewart commented, "Our customers frequently ask us
to provide pest control services. I am pleased that this acquisition will
enable us to provide a wider range of support services to all our customers.
Eagle is a well respected company with national coverage and over 30 years track
record. I am impressed with its customer base and the long term relationships it
has established."
Peter Trotman Jnr, Managing Director of Eagle, stated, "We have worked with
MITIE for a number of years and have been impressed by the motivation and
customer focus of its people. Joining MITIE gives us the opportunity to grow
the business and establish Eagle as a major player in our industry."
3 July 2003
For further information, contact;
Ian Stewart, Chief Executive Tel: 01934 862006 Mob: 07979 701002
John Telling, Corporate Affairs Tel: 020 7407 0094 Mob: 07979 701006
This information is provided by RNS
The company news service from the London Stock Exchange
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