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Marlowe plc announced on 7 October 2021 the acquisition of Sterling Hydrotech Holdings Limited for an enterprise value of £1.75 million. The total consideration comprised an upfront cash payment of £1.5 million and a deferred element of £0.25 million. For the year ended 31 March 2021, Sterling Hydrotech reported an operating profit of £0.5 million on revenues of £4.8 million.
| Date | 7 Oct 2021 |
| Time | 07:00:07 |
| Category | Acquisitions and alliances |
| ID | 2691O |
7 October 2021
Marlowe plc
Acquisition of Sterling Hydrotech
Marlowe plc ("Marlowe" or the "Group"), the UK leader in business-critical services and software which assure safety and regulatory compliance, announces that it has acquired water treatment and compliance services provider Sterling Hydrotech Holdings Limited ("Sterling Hydrotech") for an enterprise value of £1.75 million.
Founded in 1988, Sterling Hydrotech is based in Derbyshire and employs approximately 40 staff. The acquisition provides attractive synergies with Marlowe's Testing, Inspection & Certification (TIC) division.
For the year ended 31 March 2021, Sterling Hydrotech generated an operating profit of £0.5 million on revenues of £4.8 million. Net assets at 31 March 2021 were £1.1 million. The total consideration of £1.75 million comprises an upfront cash payment of £1.5 million and a deferred element of £0.25 million. The acquisition will be funded from Marlowe's existing cash and debt resources.
For further information:
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Marlowe plc |
www.marloweplc.com |
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Alex Dacre, Chief Executive |
Tel: +44 (0) 203 813 8498 |
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Adam Councell, Chief Financial Officer |
IR@marloweplc.com |
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Cenkos Securities plc (Nominated Adviser and Joint Broker) |
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Nicholas Wells |
Tel: +44 (0)20 7397 8900 |
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Ben Jeynes George Lawson |
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Berenberg (Joint Broker) |
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Ben Wright |
Tel: +44 (0)20 3207 7800 |
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Mark Whitmore |
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FTI Consulting |
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Nick Hasell |
Tel: +44 (0)20 3727 1340 |
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Alex Le May |
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About Marlowe plc
Marlowe is a UK leader in business-critical services and software which assure safety and regulatory compliance. The company was formed to create sustainable shareholder value through the acquisition and development of businesses that provide regulated safety and compliance services and software. It is focused on compliance software, eLearning, health & safety, employment law & HR compliance, fire safety & security, water & air hygiene 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 software to over 1 million users and services to over 25% of Britain's commercial premises. The Group provides customers with a single outsourced, nationwide, provider of a range of regulated compliance and safety solutions. Our customers can be found in office complexes, high streets & leisure facilities, manufacturing plants and industrial estates, and include thousands of SMEs, local authorities, facilities management providers, multi-site NHS trusts and FTSE 100 companies.