Outsourcing and energy services firm Mitie today announced it had completed a £14m cash acquisition of Vision Security.
Vision provides security systems such as manned guarding, CCTV and key holding services to its clients, employing 6,000 people and serving 1,400 locations.
Mitie said the purchase would secure the position of its Total Security Management business and drive further growth in its premium technology enabled and intelligence led security solutions.
Last year, Vision brought in revenues of £192.1m, as it made losses of £2.7m before tax, while its assets added up to £42.4m.
Phil Bentley, chief executive officer, Mitie, said:
As a core part of Mitie, our security business has delivered a strong performance over the last three years, with sales growing by over 30 per cent. This acquisition gives us the leadership position we seek to maximise value from our technology-led solutions.
Jason Towse, managing director of Mitie TSM,added: "Vision is a well-respected brand in the security market with great clients and great, motivated front-line colleagues and leaders who will complement our own offering. Together, we will create the largest intelligence and technology-enabled security business in the UK."
Mitie is looking to turn around fortunes after its share price fell seven per cent last month despite the firm saying it was on-track to meet full-year expectations.