Source Eight sold to Mitie Group plc

Mitie Group plc, the FTSE250 strategic outsourcing company, has acquired a majority stake in Source Eight Limited (Source8), a real estate, technology and risk management consultancy. BCMS advised the shareholders of Source8 on the transaction, which completed in 2014.

Source8 delivers real estate, technology and risk management consultancy services to leading global corporations, with particular expertise in emerging markets and complex environments.

Deal perspectives

Ruby McGregor-Smith CBE, Chief Executive of Mitie, commented: “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. We are very pleased to welcome the Source8 management team and employees to Mitie.”

Simon Venn and Chris Rowley, Co-founders and Joint MDs of Source8, said: “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.”