Outsourcing and energy company Mitie acquired a majority stake in UK-based disability consultancy company Direct Enquiries Holdings on Tuesday. Mitie will pay £300,000 ($470,000) upfront, with payments stretching to $13m.
Direct Enquiries, which has an annual turnover of about $2.2m, conducts risk audits and compliancy reviews for both private and public sector organisations, and operate online directories where information for people with specific access requirements.
Mitie made the investment through its Entrepreneurs Fund, and will use the Mitie model to provide incentives to Direct Enquiries’ management team linked to performance targets.
Ruby McGregor-Smith, chief executive of the Mitie Group, said: "We are all delighted to have acquired a majority shareholding in Direct Enquiries through our Entrepreneurs Fund. This acquisition demonstrates our continued commitment to and interest in disadvantaged groups, whilst recognising the increasing importance of building compliance legislation and risk management to our clients."