Marlowe PLC Acquisition of Tersus Consultancy Limited (9132C)

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RNS Number : 9132C

Marlowe PLC

04 October 2018

4 October 2018

Marlowe plc

Acquisition of Tersus Consultancy 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 Tersus Consultancy Limited ("Tersus") for an enterprise value of GBP3.7 million.

Formed in 1986, Tersus provides testing and inspection services to a wide range of clients in both the private and public sectors, mainly focused on managing the risk of asbestos. Tersus, which employs approximately 180 staff, is headquartered in Rainham, Essex, and operates nationally from eight sites, each with its own laboratory.

Tersus' services are complementary to the activities carried out by Marlowe's existing Water Treatment and Air Hygiene division and will enable Marlowe to extend the health and safety and risk management services it provides to customers.

For the year to 31 December 2017, Tersus generated revenues of GBP8.1 million, the majority of which were contracted recurring testing and inspection revenues, adjusted EBITDA of GBP0.9 million, statutory loss before tax of GBP2.6 million reflecting exceptional intercompany write offs of GBP3.2 million and at completion had adjusted net assets of GBP2.1 million. The consideration has been funded from the Group's existing cash resources.

For further information:

 
 Marlowe plc                          www.marloweplc.com 
 Alex Dacre, Chief Executive          Tel: +44 (0) 203 
                                       841 6194 
 Mark Adams, Group Finance Director   [e-mail] 
 
 Cenkos Securities plc (Nominated Adviser and Broker) 
 Nicholas Wells                       Tel: [phone] 
                                       8900 
 
 FTI Consulting 
 Nick Hasell                          Tel: [phone] 
                                       1340 
 Alex Le May 
 

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.

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October 04, 2018 02:00 ET (06:00 GMT)