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 £38.5m.
The deal will involve EPS being integrated into Mitie’s property management business in the south-east of England.
The sale follows the revelation by Building in July that the £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 £79.3m and per-tax profit of £2.4m.
Ruby McGregor-Smith, chief executive of Mitie, said: °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.°±