Marlowe PLC Acquisition of Managed Occupational Health Limited (3548F)
09 March 2020 - 6:00PM
UK Regulatory
TIDMMRL
RNS Number : 3548F
Marlowe PLC
09 March 2020
9 March 2020
Marlowe plc
Acquisition of Managed Occupational Health Limited
Marlowe plc ("Marlowe" or the "Group"), the specialist services
group focused on developing companies which assure safety and
regulatory compliance, announces that it has acquired Managed
Occupational Health Limited ("MOH"), for an enterprise value of up
to GBP3m.
Established in 2004 and headquartered in Norwich, MOH is a
leading national provider of occupational health services. MOH
employs approximately 70 staff, including 40 technicians, nurses
and doctors who provide recurring occupational health advice,
assessments and monitoring to help employers comply with health and
safety legislation and assure the physical and mental health and
wellbeing of their employees. The business works across a broad
range of sectors including education, financial services and food
processing. The acquisition marks a further step in Marlowe's
strategy of building an end-to-end provider of regulated compliance
services and offers synergies with the Group's existing Health,
Safety and Compliance businesses.
For the year to 31 October 2019, MOH generated revenues of
GBP4.0 million, EBITDA of GBP0.7 million, profit before tax of
GBP0.6 million and had net assets of GBP0.6 million. The total
enterprise value will comprise an initial cash consideration of
GBP1.8 million and a contingent consideration of up to GBP1.2
million over three years dependent on the achievement of profit
targets. The acquisition will be funded from the Group's existing
cash and debt facilities.
Alex Dacre, Chief Executive of Marlowe plc, said:
"In acquiring Managed Occupational Health, we are continuing to
scale Marlowe's leading health and safety operations and extending
our capabilities to work with clients across the full spectrum of
their compliance needs. The business operates nationally in an
attractive and underserved market in which we see significant
growth opportunities."
For further information:
Marlowe plc www.marloweplc.com
Alex Dacre, Chief Executive Tel: +44 (0) 203 813
8498
Mark Adams, Group Finance Director IR@marloweplc.com
Cenkos Securities plc (Nominated Adviser and Joint Broker)
Nicholas Wells Tel: +44 (0)20 7397
8900
Ben Jeynes
Harry Hargreaves
Berenberg (Joint Broker)
Ben Wright Tel: +44 (0)20 3207
7800
Mark Whitmore
FTI Consulting
Nick Hasell Tel: +44 (0)20 3727
1340
Alex Le May
About Marlowe plc
Marlowe is a UK leader in specialist services which assure
safety and regulatory compliance, whilst managing risk for
businesses across the country. The company was formed to create
sustainable shareholder value through the acquisition and
development of businesses that provide regulated inspection,
testing and compliance services. It is focused on health &
safety, employment law compliance, fire safety, security, water
treatment & hygiene, air quality and occupational health
services - all of which are vital to the wellbeing of its customers
operations and are invariably governed by regulation. Marlowe
currently provides services to over 15% of Britain's commercial
premises and is increasingly attractive to customers who require a
single outsourced, nationwide, provider of a comprehensive range of
regulated compliance and safety services. Our customers can be
found in most office complexes, high streets & leisure
facilities, manufacturing plants and industrial estates, and
include SMEs, local authorities, facilities management providers,
multi-site NHS trusts and FTSE 100 companies.
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contact rns@lseg.com or visit www.rns.com.
END
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