Marlowe PLC Acquisition of BTE Systems Limited (0723P)
29 August 2017 - 4:01PM
UK Regulatory
TIDMMRL
RNS Number : 0723P
Marlowe PLC
29 August 2017
29 August 2017
Marlowe plc
Acquisition of BTE Systems Limited
Marlowe plc ("Marlowe" or the "Company"), the support services
group focused on acquiring and developing companies that provide
critical asset maintenance services, announces that it has acquired
BTE Systems Limited ("BTE Systems") for a total enterprise value of
up to GBP1.2 million on a debt-free, cash-free basis.
BTE Systems was founded in 2001 and provides a portfolio of fire
protection services, including the installation, service and
maintenance of fire detection and fire suppression systems.
Headquartered in Chertsey, Surrey, BTE Systems operates throughout
Greater London.
For the 12 months ended 31 March 2017, BTE Systems reported
unaudited revenues of GBP1.9 million and profit before tax of
GBP0.5 million. Unaudited net assets at 31 March 2017 were GBP0.6
million. The total enterprise value comprises an upfront cash
consideration of GBP1.0 million and a cash earn-out capped at
GBP0.2 million.
Alex Dacre, Chief Executive of Marlowe plc, commented:
"The addition of BTE Systems strengthens our leading position in
fire protection in the London region and brings some attractive new
customer relationships to the Group that will further broaden our
base of recurring revenues."
For further information:
Marlowe plc www.marloweplc.com
Alex Dacre, Chief Executive Tel: +44 (0) 203
813 8498
IR@marloweplc.com
Cenkos Securities plc (Nominated
Adviser and Broker)
Nicholas Wells Tel: +44 (0)20 7397
8900
Elizabeth Bowman
FTI Consulting
Nick Hasell Tel: +44 (0)20 3727
1340
Alex Le May
About Marlowe plc
Marlowe is an AIM-listed company formed to create sustainable
shareholder value through the acquisition and development of
businesses that provide critical asset maintenance services in the
UK. It is focused on fire protection, security systems, water
treatment and air hygiene services - which are essential to its
customers' operations and invariably governed by regulation, and
where customers require a single specialist outsourced provider
with nationwide coverage. Our customers can be found on most high
streets, in office complexes and industrial estates, and include
SMEs, local authorities, facilities management providers,
multi-site NHS trusts and FTSE 100 companies.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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