Mitie Group plc (LON:MTO) has announced the acquisition of Grupo Visegurity, a leading Spanish security business, for a maximum consideration of €11.0m (£9.2m)[1], comprising an initial payment of €9.0m (£7.5m) and performance-linked deferred payments of up to €2.0m (£1.7m) over the next two years.
Based in Barcelona, Visegurity has over 20 years of experience in security services, primarily focusing on manned guarding, alarm response and access control, alongside concierge, patrol and security systems services, supported by a 24/7 control centre.
Visegurity has a national operating licence and employs over 600 colleagues, who will join Mitie’s team of 8,400 colleagues in Spain. It has developed a strong reputation in both the public and private sectors and has a loyal customer base of national and regional customers across a wide range of sectors, including local government, healthcare, pharmaceuticals and telecoms.
In a highly fragmented FM market, where participants are predominantly single service, the acquisition of Visegurity, alongside Biservicus in September 2023, represents a strategic expansion of our security capabilities. The business is highly complementary to the growing suite of services offered by Mitie Spain and will enhance the cross-sell opportunity to an enlarged blue-chip, customer base.
In the 12 months ended 31 December 2023, Visegurity delivered revenue of €18.0m (+13% yoy) and EBITDA of €1.5m (+4% yoy). The acquisition will be funded from Mitie’s existing facilities.
José Luis García Hurtado, Managing Director – Mitie Spain, said:
“This acquisition significantly enhances our service offering in Spain, adding national security expertise and a broad customer base, to complement our existing relationships. We see significant opportunities in the fragmented and growing Spanish FM market to drive organic and inorganic growth in our Spanish business over our new Facilities Transformation Three-Year Plan (FY25 – FY27). We are delighted to welcome the Visegurity team to Mitie.”
Pedro García Salayet, Managing Director – Grupo Visegurity, said:
“Becoming part of the Mitie Group, and having access to their blue-chip customer base and their financial strength, will lead to greater opportunities to grow our security business in Spain. I am excited about what the coming years will bring.”
[1] Reflects a cash free, debt free purchase, with a normalised level of working capital. FX rate at 04/10/24
