A Black Country engineering firm has been acquired by a listed group.
Stourbridge-based Argus Fire was bought in an all-share deal for £38 million by Mitie Group plc.
Argus Fire has more than 40 years of experience specialising in the design, installation, servicing and maintenance of fire protection systems, using sprinklers and inert gas to control fire outbreaks.
It also works in the fields of electronic fire detection and alarm systems, with customers in a diverse range of sectors such as education, healthcare, logistics and industrial warehousing and retail.
Recent projects included the design and installation of fire suppression systems at Battersea Power Station in London.
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The family-owned firm employs around 200 staff and posted revenue of £44.3 million in the year to April 2024.
Mitie, whose global headquarters are based in The Shard, is listed on the London Stock Exchange and employs 68,000 people across the º£½ÇÊÓƵ and Ireland, posting annual revenue of around £4.5 billion.
It was founded in 1987 and works with 3,000 clients on transforming their estates of buildings along with facilities and property management and healthcare services.
Mitie said this buyout deal significantly enhanced its scale and offer in the º£½ÇÊÓƵ fire and security market.
Argus Fire's managing director Matt Lincoln said: "We are delighted to be joining Mitie.
"Having access to their blue-chip customer base, benefiting from their financial strength and being part of a fast-growing fire and security team will lead to greater opportunities.
"I am very proud of our team and look forward to joining forces with Mitie's complementary skills in fire and security."
Chairman Simon Woodings added: "Having experienced significant growth over the last few years, the shareholders believe becoming part of the Mitie family is both timely and a fantastic opportunity for the combined business to capitalise on existing expertise within Argus and Mitie providing a platform for further growth.
"The combined business will broaden its offering to customers requiring a joined-up approach to building management."
Jason Towse, managing director of Mitie Business Services, added: "The acquisition of Argus Fire brings deep technical capabilities and builds on Mitie's position as a market-leading provider of projects delivery, inspection and maintenance across a broad range of sectors in the º£½ÇÊÓƵ fire and security market.
"We look forward to welcoming Argus Fire's colleagues to Mitie."
Corporate advisory practice Headpoint and law firm Gateley acted for Argus Fire on the deal.
