Mon, 23 Aug 2021 | BUSINESS SALE
Glasgow-based outsourcing firm Mitie Group has sold its document management division to Zurich-based Swiss Post Solutions for £40 million, around a 9.5x multiple of the division’s £4.2 million EBITDA for the year ending March 31 2021. In the last financial year, the division generated £48 million in revenue.
The sale of Mitie Document Management comes as the group moves to sell its non-core businesses and focus its attention on higher-growth areas post-COVID-19. Mitie, which recently completed the £15 million acquisition of telecoms infrastructure firm DAEL Ventures UK, has been operating cleaning and security services at COVID-19 testing sites during the pandemic.
The deal for the division, which provides file organisation solutions alongside document management, was completed on a debt and cash-free basis. Post-acquisition, Mitie will continue to offer document management services via a preferred supplier partnership with Swiss Post Solutions.
The deal is expected to complete by the end of September, subject to a consultation with the document management division’s employees.
Mitie Chief Executive Phil Bentley said: “By joining forces with Swiss Post Solutions, the Document Management business will continue to grow and flourish, allowing Mitie to focus on our technology-led, Science of Service strategy in our core divisions.”
“I would like to thank the Document Management team for their contribution to the Group, and we look forward to working with SPS to bring new innovation to our existing and future IFM clients.”
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