Marlowe Share News (MRL)

(Sharecast News) - Specialist services group Marlowe has acquired Managed Occupational Health (MOH) for an enterprise value of up to ?3m, it announced on Monday.
The AIM-traded firm said MOH, established in 2004 and based in Norwich, is a "leading national provider" of occupational health services.

It said it employs around 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 worked across a broad range of sectors including education, financial services and food processing.

Marlowe said the acquisition was a "further step" in its strategy of building an end-to-end provider of regulated compliance services, and offered synergies with its existing health, safety and compliance businesses.

For the year ended 31 October 2019, MOH generated revenues of ?4m, EBITDA of ?0.7m, profit before tax of ?0.6m and had net assets of ?0.6m.

The total enterprise value would comprise an initial cash consideration of ?1.8m and a contingent consideration of up to ?1.2m over three years, depending on the achievement of profit targets.

Marlowe said the acquisition will be funded from its existing cash and debt facilities.

"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," said chief executive officer Alex Dacre.

"The business operates nationally in an attractive and underserved market in which we see significant growth opportunities."

At 1534 GMT, shares in Marlowe were down 6.49% at 418p.