Mitie Group, provider of outsourcing and energy services, has bought the majority share in consulting firm Source8. The joining of forces will offer both firms growth opportunities. Mitie will be able to expand its consulting offerings, while Source8 will be able to expand its international presence.
Source8 is provider of real estate, technology and risk management consultancy services to leading global corporations, with a particular expertise in emerging markets and complex environments. The firm that has roughly 10 advisors and is based in London.
Mitie Group (‘Mitie’) is a strategic outsourcing and energy services company that provides infrastructure consultancy, facilities management, property management, energy, and healthcare services. The firm that is headquartered in Bristol has more than 200 smaller offices throughout the UK and Ireland.
To boost its consulting capabilities both in the UK and overseas, Mitie acquired the majority stake in Source8. Ruby McGregor-Smith CBE, CEO of Mitie, explains: “We are delighted to have acquired a majority shareholding in Source8. This acquisition will enable us to significantly build upon our consultancy services offering and complement the services we already provide for our clients.” For consulting firm Source8, the acquisition will also provide opportunities for growth as explained by Simon Venn and Chris Rowley, Co-founders and Joint Managing Directors at Source8. “This is a tremendously exciting milestone for Source8 and it will enable us to secure new growth for the company across all our service lines. With Mitie’s support, we will have the ideal platform from which to expand our international presence and serve our clients more efficiently, whilst maintaining the exceptionally high level of performance and quality for which we are known.”
For Mitie, it is the second acquisition in the space of a few months. In October the professional services company acquired Procius, a specialist in pre-employment screening and vetting, with particular expertise in the aviation and transportation sectors.