Highlights

  • Mitie acquires Forest Group for up to GBP 7m to add refrigeration capabilities.
  • Forest’s 40 engineers will integrate into Mitie’s Technical Services division nationally.
  • Acquisition aims to extend services into Retail and Distribution sectors.

Mitie Group plc (LSE:MTO) has completed the acquisition of Forest Group Holdings, a specialist engineering firm focused on commercial refrigeration. The transaction totals a maximum of GBP 7m, including an initial payment of GBP 4.5m and deferred payments of up to GBP 2.5m over three years, contingent on performance.

Forest has over 30 years of experience in installing and maintaining commercial refrigeration systems, primarily serving hospitality clients such as Mitchells & Butlers, Greene King, and Wetherspoon.

Integration with Intelligent Engineering Services

The acquisition enables Mitie to provide refrigeration services directly as part of its Intelligent Engineering offering. It also provides opportunities to scale Forest’s operational model nationally and expand into the Retail and Distribution sectors, complementing Mitie’s existing Security and Hygiene services. Mitie’s client base includes high street retailers and major supermarket chains with extensive refrigeration needs across their estates.

Workforce and Technical Capabilities

Following the acquisition, Forest’s 40 specialist engineers will join Mitie’s Technical Services division. Their expertise will supplement existing services, including Mechanical & Electrical (M&E) works, Heating, Ventilation & Air Conditioning (HVAC), asset upgrades, decarbonisation technologies, and power & grid connections.

Financial Performance

In the 12 months ended 31 January 2025, Forest reported revenue of GBP 7.6m and EBITDA of GBP 0.5m. The acquisition will be funded using Mitie’s current financial facilities, with no additional external funding required.

Share Price Snapshot

ITH was trading 3.20% lower at GBX 151.40 per share as of 20 November 2025.