4 November 2016
Marlowe plc
Acquisition of Titan Fire and Security 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 Titan Fire and Security Limited ("Titan"), a provider of fire protection services based in Uxbridge, Greater London.
Titan was founded in 1988 and provides a portfolio of fire protection services, including the installation, service and maintenance of fire detection and fire suppression systems.
Titan is being purchased for a consideration of up to £750,000, comprising an initial cash consideration of £450,000 and two contingent earn-out payments of up to £150,000 after six and 12 months, subject to Titan meeting certain performance targets. Under the transaction, Marlowe is acquiring approximately £1.4 million of Titan's recurring customer revenues.
For further information:
Marlowe plc |
www.marloweplc.com |
Alex Dacre, Chief Executive |
Tel: +44 (0) 203 813 8498 |
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[email protected] |
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Cenkos Securities plc (Nominated Adviser and Broker) |
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Nicholas Wells |
Tel: +44 (0)20 7397 8900 |
Elizabeth Bowman |
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FTI Consulting |
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Nick Hasell |
Tel: +44 (0)20 3727 1340 |
Alex Le May |
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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 and water treatment 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.
