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Mitty acquires engineering services firm JCA in £31.5 million deal
- The London-based group will pay an initial fee of £21 million
- The deal includes deferred payments of up to £10.5m over three years
Mitty Group has acquired engineering services and construction firm, JCA Engineering, in a deal worth up to £31.5 million.
The London-based group revealed that the deal would include an initial payment of £21 million and deferred payments of up to £10.5 million over three years linked to performance.
JCA delivered revenue of £71.8 million for the 12 months ended 31 December 2022 – an increase of 17 per cent year-on-year.
Excited: Mitty announces acquisition of JCA Engineering in deal worth up to £31.5 million
‘JCA has over 20 years’ experience of delivering complex engineering projects across the UK, from consultancy, design, construction and delivery, with a particular focus on critical environments such as the data centre, life science and healthcare sectors,’ Mitty said in a statement. Specializes in Maintenance. ,
Mitty’s shares rose 0.82 per cent to 98.50p in morning trade on Monday.
Phil Bentley, Group Chief Executive of Mitty, said: ‘We are delighted to welcome the JCA engineering team to Mitty.
‘The acquisition of JCA Engineering follows the group’s strategy to invest in high growth, high margin companies, enhancing our projects capabilities in the development areas of energy efficiency, office fitout and critical environments.’
In June, Mitty revealed record full-year revenue after being boosted by contract wins, renewal acquisitions and inflationary contract re-pricing.
Revenue reached a record £4.05 billion in the 12 months to 31 March, up from £4 billion a year earlier, while operating profit rose from £72 million to £117 million.
Ian Hodges-Jackson, founder and chairman of JCA Engineering, said: ‘I am proud of our team and the capabilities we have built at JCA Engineering over the past 20 years, as well as our reputation for working as a prime contractor in critical environments. Proud.
‘Given Mitty’s access to a wide range of customers and its ability to finance rapid growth, I am very excited about the next phase of JCA Engineering’s growth.’
Source: www.dailymail.co.uk
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