Business services company Rentokil Initial is acquiring the building services division of Managed Support Services (MSS) for £6.5 million.
City AM reported the acquisition of the Managed Support Services' division which has 200 employees and turnover of around £22m a year. It offers services including heating, ventilation, air conditioning, maintenance and energy management. The sale is conditional upon the approval by the company's shareholders at a general meeting.
Insider Media reported that a Rentokil Initial spokesperson said: 'The acquisition provides excellent synergies with Rentokil Initial's existing mechanical and electrical engineering building services business, which operates within the Initial Facilities division.'
An MSS statement confirmed that the board would not be able to distribute the proceeds of the sale immediately and would instead examine possible investment opportunities for reinvestment and development. MSS would therefore become an investment company seeking potential opportunities.
