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Mitie Group PLC on Monday said that it has acquired JCA Engineering Ltd, a Stevenage, England-based project designer and contractor.
The Glasgow-based facilities management company bought JCA for a maximum cash payment of £31.5 million.
The price tag is comprised of an initial payment of £21 million and deferred payments of up to £10.5 million over three years. Mitie said this will be funded from its existing facilities.
JCA recorded earnings before interest, tax, depreciation and amortisation of £5.1 million in 2022, up 4% from 2021, on revenue of £71.8 million in 2022, up 17%.
Mitie said JCA has 20 years of experience in delivering complex engineering projects across the UK, with a focus on data centres and on the life sciences and healthcare sectors. Its strengths are in mechanical and electrical works, asset upgrades and replacements, and office fitouts.
‘The acquisition of JCA Engineering follows the group’s strategy to invest in high-growth, high-margin companies, enhancing our projects capabilities in the growth areas of energy efficiency, office fit-outs and critical environments,’ said Mitie Chief Executive Phil Bentley.
Mitie shares were trading 1.1% higher at 98.80 pence each in London on Monday morning.
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