Mitie
| File:MITIE logo.svg | |
| Company type | Public (LSE: MTO) |
|---|---|
| Industry | Facilities Management |
| Founded | 1987 |
| Headquarters | Bristol, UK |
Key people | Roger Matthews, Chairman Ruby McGregor-Smith, CEO |
| Revenue | £2,002.5 million (2012)[1] |
| £111.7 million (2012)[1] | |
| £79.6 million (2012)[1] | |
Number of employees | 63,569 (2012)[1] |
| Website | www.mitie.com/ |
MITIE Group PLC (LSE: MTO) is a British strategic outsourcing and energy services company with their head office in Bristol, and more than 200 smaller offices throughout the UK and Ireland. MITIE operates mainly in the UK and Ireland with a growing presence in Europe.[2] It provides infrastructure consultancy, facilities management, property maintenance and a range of energy management services to its customers.[1] It is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index.
History
MITIE was founded by David Telling and Ian Stewart as MESL in 1987.[3] It was first listed on the London Stock Exchange in 1988.[3] It merged with Highgate & Job in 1989 and was renamed the MITIE Group.[4]
Their strategy of growth through acquisition has seen MITIE acquire several businesses over the past few years and in 2006 it acquired Initial Security, a leading security business.[5] Following on in 2007 MITIE acquired Robert Prettie & Co. Ltd for £32.7m and incorporated the specialist plumbing, heating and mechanical services business into their Property Services division. In 2008 MITIE continued its acquisitions strategy through the acquisition of Catering Partnership,[6] and DW Tilley. The purchase of DW Tilley allowed MITIE to extend their roofing services nation-wide.[7] 2009 saw the acquisition of Dalkia Facilities Management for £130m[8] to bolster its Technical Facilities Management capability and an expansion into Social Housing with the purchase of Environmental Property Services (EPS) for £38.5m.[9] In 2010, MITIE acquired the integrated facilities management business of Dalkia in Ireland.[10]
MITIE made its first acquisition in the health and social care sector in October 2012 when it spent £111 million on homecare firm Enara.[11]
Operations
MITIE stands for Management Incentive Through Investment Equity, and the company's managers own a substantial minority stake in the business. MITIE's business model is based on taking 51% equity stakes in start-up businesses that fall into its broad fields of activity. The management of the new business invests the remaining capital and if certain targets are met they may sell the balance of the business to MITIE after a fixed period for a sum based on the profits achieved (an earn out). Payment is made in a mixture of cash and MITIE shares. The managers usually remain with MITIE after the earn out.[12]
As a result of this business model MITIE has a large number of group businesses that have significant managerial autonomy but share internal systems, Human Resources, IT and marketing resources.
Company structure
MITIE is split into four divisions: Facilities Management, Technical Facilities Management, Property Management and Asset Management.[13]
MITIE in the community
MITIE also run several Skills Centres[14] and a Real Apprentice[15] scheme.
References
- ^ a b c d e Annual Report 2012
- ^ MITIE given preferred bidder status for Rolls-Royce European Facilities Management Contract
- ^ a b MITIE: History
- ^ David Telling: The High and MITIE The Independent, 21 March 2001
- ^ UK Business Park: MITIE
- ^ Mitie confident despite softer economy
- ^ North East Business
- ^ MITIE to buy Dalkia for £130m
- ^ MITIE buys EPS
- ^ MITIE forms strategic partnership with Dalkia Ireland after it acquires DFM Providers Ltd and Dalkia Energy & Facilities Ltd
- ^ Neil Maidment (9 October 2012). "Mitie moves into home care with Enara buy". Reuters.
- ^ Mighty job ahead for new boss at MITIE
- ^ Mitie at a glance
- ^ Skills Centre
- ^ Real apprentice
