Mitie finds PP buyers open to bespoke M&A financing

With modest capex needs and narrow margins, outsourcing companies are ideally suited to the US private placement market. They don’t need to borrow vast amounts, but can benefit from investors with deep credit skills that value stability. Mitie refinanced an acquisition with a PP in 2010 — then, when it did another takeover in 2012, the PP market was the natural place to turn.