REG - Marlowe PLC - Acquisition of Sterling Hydrotech

MarloweAnnouncement

07/10/2021 07:05

RNS Number : 2691O
  
Marlowe PLC
  
07 October 2021
  
 

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:
 



Marlowe plc


www.marloweplc.com


 


 


 




Alex Dacre, Chief Executive


Tel: +44 (0) 203 813 8498


 


 


 




Adam Councell, Chief Financial Officer


IR@marloweplc.com


 


 


 












 


 


 




Cenkos Securities plc (Nominated Adviser and Joint Broker)


 


 


 




Nicholas Wells


Tel: +44 (0)20 7397 8900


 


 




Ben Jeynes
George Lawson


 


 


 


 












 


 


 




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 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.

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