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(Alliance News) - Marlowe PLC on Thursday announced it has acquired occupational health services provider Healthwork for GBP17.2 million.
The London-based safety & compliance services firm said the GBP17.2 million expected enterprise value comprises GBP14.2 million in cash and around GBP3.0 million in a performance-related contingent payment.
Marlowe highlighted that the acquisition adds "significant scale" to its current occupational health offering, a market which has seen increased demand due to Covid-19.
"The acquisition of Healthwork significantly deepens our scale and capabilities in occupational health and strengthens our position as the UK leader in regulated safety and compliance services to organisations of all sizes," commented Chief Executive Alex Dacre.
"With identified synergies between Healthwork and our other occupational health and health & safety activities we are confident that this acquisition will generate attractive returns for Marlowe's shareholders".
In March, Marlowe raised GBP100 million in a share placing in order "to capitalise on acquisition opportunities". The Manchester-based firm said its pipeline of further acquisition opportunities "remains buoyant" and that it expects to report on further progress in the coming weeks.
Shares in Marlowe were up 0.8% at 787.08p in London on Thursday.
By Will Paige; willpaige@alliancenews.com
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