Marlowe PLC Acquisition of Suez WCS Limited (8833Y)
28 August 2018 - 4:00PM
UK Regulatory
TIDMMRL
RNS Number : 8833Y
Marlowe PLC
28 August 2018
28 August 2018
Marlowe plc
Acquisition of Suez Water Conditioning Services Limited
Marlowe plc ("Marlowe" or the "Group"), the support services
group focused on acquiring and developing companies that provide
critical testing and maintenance services, announces that it has
acquired Suez Water Conditioning Services Limited and the business
and assets of Marral Chemicals and Sentinel Water (together being
"Suez WCS") for an enterprise value of GBP4.5 million,
significantly extending the scale and breadth of the Group's
activities in the UK water treatment market.
Suez WCS formed part of Ondeo Industrial Solutions UK Limited, a
subsidiary of Suez Environnement Company SA ("Suez") and was
established through the merger of Suez's non-industrial UK water
treatment, hygiene and chemical blending activities.
Founded in 1977 and employing approximately 170 staff, Suez WCS
operates nationally from its headquarters in Daventry and provides
water treatment and hygiene services across a broad range of
sectors. In addition, the business produces certain chemicals used
in water treatment applications.
For the year to 31 December 2017, Suez WCS generated unaudited
pro forma revenues of GBP13.2 million, the majority of which were
contracted recurring testing and maintenance revenues, pro forma
EBITDA of GBP0.7 million, EBIT of GBP0.1 million and had year-end
net assets of GBP3.8 million. The consideration has been funded
from the Group's existing cash resources.
Alex Dacre, Chief Executive of Marlowe plc, said:
"The acquisition of Suez WCS is a further significant step in
our strategy of consolidating the UK water treatment market and
strengthens our position as one of the leading players. Suez WCS
broadens the scope of our water treatment activities and offers
attractive synergies with our existing businesses which we are
confident will drive increased returns for Marlowe's
shareholders."
For further information:
Marlowe plc www.marloweplc.com
Alex Dacre, Chief Executive Tel: +44 (0) 203
841 6194
Mark Adams, Group Finance Director IR@marloweplc.com
Cenkos Securities plc (Nominated Adviser and Broker)
Nicholas Wells Tel: +44 (0)20 7397
8900
FTI Consulting
Nick Hasell Tel: +44 (0)20 3727
1340
Alex Le May
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014. Upon the
publication of this announcement via Regulatory Information
Service, this inside information is now considered to be in the
public domain.
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 testing & maintenance services
in the UK. It is focused on fire protection, security systems,
water treatment and air quality 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 news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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