Mitie Acquires P2ML

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01 April 2022

Mitie has expanded its telecoms offering with the acquisition of P2ML.

P2ML is a specialist telecoms tower design house, which will further expand Mitie’s telecoms Acquisition, Design and Construction (ADC) capabilities following the acquisition of DAEL Telecoms last year.

P2ML will be acquired for a total consideration of £2.1 million, on a cash-free, debt-free basis, with a normalised level of working capital. The acquisition will be funded from existing facilities.

P2ML provides design, construction, inspection and maintenance services for cellular telecoms infrastructure, enabling major network operators and tower owners to facilitate upgrades to their estates. This ensures that new technologies, such as 5G, can be implemented and optimised safely and to the highest standard.

For the year ended 31 March 2021, P2ML reported revenue of £3.9 million and operating profit of £0.5 million.

Andy Train, Managing Director, Mitie Telecoms, said: “The acquisition of P2ML is aligned with our growth and margin enhancement strategy to invest in companies in high growth markets with high margins, and provides an opportunity to further broaden our scale and expertise in the telecoms sector.

Picture: a photograph of a person working on a telecoms tower. Image Credit: Mitie

Article written by Ella Tansley | Published 01 April 2022

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