Marlowe PLC Acquisition of Guardian Water Treatment Limited (0029A)
21 December 2017 - 6:00PM
UK Regulatory
TIDMMRL
RNS Number : 0029A
Marlowe PLC
21 December 2017
21(st) December 2017
Marlowe plc
Acquisition of Guardian Water Treatment Limited
Marlowe plc ("Marlowe", the "Company" or the "Group"), the
support services group focused on acquiring and developing
companies that provide critical asset maintenance services,
announces that it has acquired Guardian Water Treatment Limited and
GPCS Limited ("Guardian") for up to GBP2.8 million on a cash and
debt free basis.
Founded in 2000, Guardian operates nationally from headquarters
in Basildon, Essex, and employs around 90 staff. Guardian provides
a comprehensive portfolio of water treatment services to over 400
customers with a significant presence within the facilities
management, engineering and manufacturing sectors. Guardian's
services are complementary to those offered by existing Marlowe
businesses. The acquisition of Guardian will expand the scale of
the Group's Water Treatment & Air Hygiene division, bring
synergy benefits and provide additional critical mass in the London
area.
For the year to 31 March 2017, Guardian reported revenues of
GBP6.4 million, adjusted profit before tax of GBP0.4 million and
net assets of GBP2 million. The total enterprise value comprises an
upfront cash consideration of GBP2.4 million and a cash earn-out
capped at GBP0.85 million. The acquisition will be financed from
the Group's existing cash resources.
The key members of Guardian's operational management team will
be staying with the business.
Alex Dacre, Chief Executive of Marlowe plc, commented:
"The acquisition of Guardian is a further significant step in
our strategy of consolidation of the UK water treatment sector. The
business benefits from strong recurring revenues, longstanding
customer relationships and will further strengthen our capabilities
in the attractive London market."
For further information:
Marlowe plc www.marloweplc.com
Alex Dacre, Chief Executive Tel: +44 (0) 203 841
6194
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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