We have advised the shareholders of Slademain Limited on its sale and the sale of its subsidiary Argus Fire, to technology-led facilities transformation business, Mitie Group.
The transaction represents the sale of the entire issued share capital of Slademain Limited by its shareholders to Mitie for a total consideration of £38m, which reflects a cash-free, debt-free purchase with a normalised level of working capital.
Located in Stourbridge, Argus Fire is a family-owned, engineering-led fire system business that designs, installs, services and maintains active fire protection systems. Since 1982, Argus Fire has provided these services to a range of sectors including education, healthcare, logistics, retain and transportation, having recently led on the design and installation of fire suppression systems at Battersea Power Station.
Its sale to Mitie creates an opportunity for Argus Fire to access Mitie’s extensive blue-chip customer base and form an integral part of its growing fire and security team. In turn, Mitie benefits from securing Argus Fire’s longstanding, market-leading, technical capabilities in the design and installation of fire protection systems across the UK.
Gateley Legal’s team was led by corporate partner Max Moore, supported by corporate senior associate Claire Stretton, corporate solicitor Sophie Gill, real estate senior associate Sinead Kendall, tax partner James Gopsill, tax senior associate David Williams, and pensions senior associate Paul Wild.
Headpoint Advisors provided corporate finance advice to the sellers on the transaction, with a team led by Emmet Keating, assisted by Henry Baker and Victoria Bond.
Max Moore commented: “We are delighted to have advised the shareholders of Slademain on this sale to Mitie and to have completed another successful exit for the founding shareholders of a Midlands based owner-managed business. The deal will create huge opportunities for Argus as part of the Mitie group of companies, building on Argus’ existing proud history. We have also been very pleased to work alongside Headpoint Advisors in delivering this successful transaction for our mutual clients.”