Mitie buys out energy business

Open-access content Tuesday 10th January 2012 — updated 1.53pm, Tuesday 5th May 2020

11 January 2012

Mitie has acquired energy and carbon management specialist Utilyx Holdings Limited in a deal worth up to £16.2 million.

Utilyx provides a number of services including strategic planning, procurement and risk management, designed to manage the business impact of energy consumption and rising energy costs. The company also provides specialist services to generators and developers of renewable energy projects.

The acquisition of Utilyx will complement and enhance Mitie's existing CarbonCare energy services capabilities, outlined a statement.

Mitie provides business continuity through security of energy supply, value through cost reduction, reduction of carbon emissions and renewable energy.

Annual turnover for Utilyx is £7 million and clients include Scottish Water, Iceland and McDonald's.

The initial consideration for the deal is £15m in cash on completion, Mitie said.

Energy remains an area of big concern for Mitie's clients, including security of supply, renewable energy sourcing and reduction of carbon emissions, a spokesman told FM World last November.

Ruby McGregor-Smith CBE, chief executive of Mitie Group said: "There is no doubt that the need for all organisations to use fewer natural resources is changing our marketplace. Energy management is integral to what we do and this acquisition forms part of our considerable investment to further develop Mitie's energy services capability."