Elite Group has made 17 acquisitions since 2008
Elite Group has today (June 19) acquired unified communications and IT provider MWL Systems for an undisclosed fee.
This marks the Chorley-based firm’s 17th acquisition since 2008. Elite (formerly Elitetele.com) has been rapidly expanding in the last two years, making a number of acquisitions to take £100m in revenue by the end of its 2021 fiscal year.
Elite will take on all 40 members of staff from £6m revenue firm MWL Systems, taking the group’s total to 240.
There is £20m left in Elite Group’s acquisition fund which totalled £30m after Lloyds Bank agreed a refinancing deal with the firm in August last year.
According to Companies House, Elite Group’s revenue for 2018 (ending July 31) was £37.8m up from £22.4m year-on-year. EBITDA is £5.9m up from £4.1m in the same period, while gross profit was up from £11m to £16.7m.
CEO Rob Sims (pictured) told Mobile News the firm is currently taking £60m in revenue after acquiring MWL.
Sims said: “Our current plans are to take us up to a £100m business with the majority of that coming from mobility and IT.
“But the big step jumps will be from acquisitions and we look forward to making more. Companies such as MWL give our customers new services and its that value adding factor that we look for in acquisitions”.
Elite Group founder Matt Newing backs Elite’s acquisitive strategy: “Elite will continue to grow through both organic means and acquisition. We have a further £20m in our acquisition war chest and are actively looking for opportunities.”