GBE acquired by Mitie Group
By Simon Hacker | 6th November 2023
A Gloucester company who provide expert, independent and bespoke fire, security and IT construction solutions in major sectors has been acquired by Glasgow-based Mitie Group.
Barnwood-based GBE Converge, who as GBE Fire and Security Ltd merged with Converge Technology back in 2016, have now been acquired by strategic outsourcing and energy services group Mitie in a deal investment analysts say is worth up to £27m.
The company has a workforce of 160 who will be absorbed into Mitie's Fire and Security division.
Jason Buttle, CE and founder of GBE Converge Group, said: "Joining Mitie and having access to their blue-chip customer base will lead to greater opportunities to grow our business. I am excited about what the coming years will bring."
Mitie CEO Phil Bentley added: "We are delighted to welcome GBE... As our customers' needs for facilities transformation evolve and demand grows for 'smart buildings', Building Management Systems are increasingly converging with fire and security platforms.
Adding GBE to its business would bring sophisticated intelligence-based fire and security capabilities while enabling Mitie to broaden its range of projects it can self-deliver for customers in the built environment, he said.
In a statement to Mitie employees, staff were also urged to "make every effort to make the new members of our Mitie family welcome".
Mitie said: "We've acquired GBE Converge Group, a leading specialist in fire and security systems design, installation, and maintenance. With over 20 years of experience, GBE Converge Group offers a range of services, including fire detection, access control, intruder alarms, CCTV, and security management systems. They also bring expertise in IT and network infrastructure for integrated solutions.
"This acquisition enhances our ability to provide smart fire and security solutions with remote management and IT networking, meeting the growing demand for smart buildings.
"Our fire and security business already has a strong presence, with over 700 colleagues working nationwide. GBE Converge Group's integration will further improve our project capabilities and services for key markets and customers.
New colleagues from GBE will work within Mitie's Fire and Security business, headed up by Christian Watts, Director, Fire and Security Systems.
Mitie's GBE purchase plan is said to be via an initial payment of £20m, with deferred payments of up to £7 million over the course of three years, the acquisition being funded from existing resources.
● GBE generated revenue of £36 million and earnings before interest, tax, depreciation and amortisation of £2.4 million in 2022.
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