MITIE Group PLC - Acquisition - Mitie Model
Mitie Group plc
Mitie celebrates success of three Mitie model businesses
Mitie announces today that it has purchased employee minority shareholdings of three of its successful 'Mitie Model' businesses.
Mitie, which stands for Management Incentive Through Investment Equity, has been partnering with entrepreneurs to grow British businesses for over 25 years and has supported over 100 start-up businesses using the Mitie Model.
Ruby McGregor-Smith CBE, Chief Executive of Mitie, said: "I am delighted with the progress of these three businesses, which have contributed to the development and innovation of our group."
"We see the Mitie Model as a differentiator in attracting talented people to support our growth aspirations."
The total maximum consideration for all three purchases amounts to
As a result of these acquisitions Mitie will own 100% of the issued share capital of MBSUKL and MTFML, and 93.14% of the issued share capital of MCCL.
The shareholdings to be purchased, primarily held by certain of the employees and senior management of the relevant subsidiary companies, are detailed below:
- MCCL-27.42% of the issued share capital, comprising 170,022 B ordinary shares of
- MBSUKL - 27.29% of the issued share capital, comprising 116,000 B ordinary shares of
- MTFML - 8.93% of the issued share capital, comprising 952,000 B ordinary shares of
The selling shareholders of each of the relevant subsidiary companies have given Mitie certain warranties and, where appropriate, assurances relating to past and future performance. Where applicable, the Mitie shares issued as consideration are held in safe custody and may be sold to meet any claims that Mitie may have in the future in relation to those warranties and assurances.
Application will be made shortly to the
For further information, contact:
Group Corporate Affairs Director,
T: +44 (0)20 3123 8673 M: +44 (0)7979 701006 E: [email protected]
Investor and Public Relations Manager,
T: +44 (0)20 3123 8720 M: +44 (0)7469 405426 E: [email protected]
Notes for editors
What is Mitie?
Mitie provides facilities management, consultancy, project management and a range of specialist services. Bringing together our people, innovation and technology we help our clients create better places to live and work by looking after their facilities, their energy needs and the people they're responsible for.
We are all about doing the right thing, developing our teams to excel, challenging how things are done and inspiring people to work together
Find out more at www.mitie.com
This information is provided by RNS
Quick facts: MITIE Group PLC
Market Cap: £296.41 m
NO INVESTMENT ADVICE
The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...FOR OUR FULL DISCLAIMER CLICK HERE