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York advisers assist 8point8 on multi-million pound sale to Mitie Group
A team of York-based advisers has assisted the shareholders of 8point8 Group, a provider of design and construction services, on their sale to the Mitie Group plc, the UK’s largest facilities management company, for £10 million.
Under the terms of the deal, Mitie has acquired 8point8 Support, which predominantly deals with mobile telecoms tower infrastructure, along with two associated businesses – 8point8 Training and Vantage Solutions.
With the growing demands of the 5G rollout, network upgrades and passive infrastructure investment, Mitie’s strategy is to build a telecoms support services company.
The management of 8point8 will be joining Mitie Telecoms while Sam Storer, currently managing director of 8point8, will be appointed chief commercial officer of Mitie Telecoms.
The shareholders of 8Point8 Support, 8Point8 Training and Vantage Solutions Limited were advised by a team from the York office of Andrew Jackson Solicitors LLP comprising Philip Ashworth and Nicole Waldron (corporate); Fiona Phillips (tax); Juliette Fisher (property); and Nick Wilson (employment), together with the corporate finance team from Azets in York – Tony Farmer, Stephen Garbett and Becky Maguire (Tax).
Sam Storer, one of the selling shareholders, said: – “We are very grateful to Philip, Tony and their respective teams at Andrew Jackson and Azets for all of the support and hard work they have put in over the last three months to get this deal over the line. Their professionalism and good humour throughout the process made the deal more human for us all.”
Philip Ashworth (pictured), corporate partner at Andrew Jackson Solicitors, said: – “I am delighted that Sam and his colleagues managed to exit their businesses in such a successful way to Mitie PLC; I wish Sam and his colleagues all the best for the future under their new ownerships as part of the Mitie Group.”
Stephen Garbett, corporate finance director at Azets, added: – “This has been an exciting and challenging deal which provides a strong strategic fit for Mitie. As part of the Mitie Group, 8Point8 can flourish and capitalise on the opportunities in the telecoms sector and 5g infrastructure rollout.”