Mitie Group plc (LON:MTO) has announced the acquisition of Forest Group Holdings, a specialist engineering business delivering critical refrigeration maintenance services, for a maximum cash consideration of £7m (comprising an initial payment of £4.5m and deferred payments of up to £2.5m over three years, linked to performance).
Forest has over 30 years of experience, specialising in the installation and maintenance of commercial refrigeration systems, primarily serving major hospitality brands such as Mitchells & Butlers, Greene King and Wetherspoon.
The acquisition will enable Mitie to self-deliver refrigeration services as part of its wider market leading ‘Intelligent Engineering’ proposition. It also creates significant opportunities to expand Forest’s proven, highly scalable operating model nationally and into the Retail and Distribution sectors, where Mitie already has a strong presence in Security and Hygiene services. Mitie’s blue-chip customers include national high street retailers alongside the major supermarket chains, which have extensive operations-critical refrigeration requirements across their estates.
On completion of the transaction, Forest’s 40 specialist engineers will join Mitie’s Technical Services division, building on existing capabilities in Mechanical & Electrical (M&E) services, Heating, Ventilation & Air Conditioning (HVAC), asset upgrades, decarbonisation technologies and power & grid connections.
In the 12 months ended 31 January 2025, Forest delivered revenue of £7.6m and EBITDA of £0.5m. The acquisition will be funded from Mitie’s existing facilities.
Adam Mitton, Technical Services Operating Officer, Mitie said:
“We are delighted to welcome the Forest team to the Group. As our customers’ needs for Integrated Facilities Management continue to grow, the acquisition of Forest brings a scaled workforce and specialist engineering capabilities that unlocks Mitie’s ability to self-deliver critical refrigeration engineering services across our clients’ estates. Integrating refrigeration assets into our Building Management Systems (BMS) will enhance the data-driven smart monitoring and predictive maintenance of these critical assets for our customers.”
Neil Fraser, Joint Managing Director, Forest, said:
“Today represents an important strategic milestone for Forest as we join Mitie. We are proud of what our people have achieved and deeply grateful for their continued dedication. This next step strengthens our platform for growth, enabling us to enhance our capabilities, support our colleagues, and deliver even greater value to customers.”
