Social housing contractor will be integrated into property management business in south-east England
Mitie has bought HBOS-backed social housing contractor Environmental Property Services (EPS) for 拢38.5m.
The deal will involve EPS being integrated into Mitie鈥檚 property management business in the south-east of England.
The sale follows the revelation by 黑洞社区 in July that the 拢80m-turnover company was up for sale.
The move has primarily been driven by the retirement of shareholders David Anderson, chair, and George Rajendra, the former finance director.
In the year ended 31 March 2009, EPS had turnover of 拢79.3m and per-tax profit of 拢2.4m.
Ruby McGregor-Smith, chief executive of Mitie, said: 掳8We are delighted to have reached an agreement to purchase EPS. This acquisition demonstrates our continued commitment to form a leading social housing business that will enhance our ability to provide our social housing clients with strategic outsourcing and asset management services.掳卤
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