Thu, 20 Nov 2025 | BUSINESS SALE
A specialist engineering business that delivers critical refrigeration maintenance services to major hospitality brands has been acquired by facilities management leader Mitie Group in a deal worth up to £7 million.
Blackburn-based Forest Group Holdings has over 30 years of expertise and specialises in the installation and maintenance of commercial refrigeration systems. The company’s customer base primarily comprises hospitality brands, including Wetherspoons, Greene King and Mitchells & Butlers.
The consideration for the deal is made up of an initial payment of £4.5 million, as well as deferred performance-linked payments totalling up to £2.5 million over the course of three years. The acquisition will be funded through Mitie’s existing facilities.
The maximum cash consideration of £7 million reflects a 14x multiple of Forest’s EBITDA of £500,000 in the year to January 31 2025, generated on revenue of £7.6 million.
Upon completion of the acquisition, Forest’s 40-strong team of specialist engineers will join Mitie Group’s Technical Services division. The acquisition builds on the group’s existing capabilities in Mechanical & Electrical (M&E) services, asset upgrades, power and grid connections and Heating, Ventilation and Air Conditioning (HVAC).
Adam Mitton, Technical Services Operating Officer at Mitie Group said: "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."
Forest joint Managing Director Neil Fraser called the deal “an important strategic milestone” for the firm, adding that joining Mitie “strengthens our platform for growth, enabling us to enhance our capabilities, support our colleagues, and deliver even greater value to customers."
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