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LONDON (Alliance News) - Marlowe PLC on Thursday said it had purchased Fire Alarm Fabrication Services Ltd for an enterprise value of GBP1.2 million, which it said will provide it with an "enlarged base from which to service customers in the London area and cross-sell other group services".
The support services group said the enterprise value comprises of an initial consideration of GBP1.9 million, net of GBP700,000 of cash held by Fire Alarm on completion.
Marlowe said an additional consideration of up to GBP100,000 may be payable to the vendors if "certain performance targets" are achieved in the period to May 11, 2017.
Fire Alarm is a provider of fire protection services based in Chessington, London, and reported revenue of GBP3.8 million and pretax profit of GBP900,000 in the twelve months to January 1.
Marlowe said the acquisition was financed from its existing cash and debt facilities, and follows its recent-acquisition of Manchester-headquartered fire protection and security systems provider Swift in February.
"The acquisition of Fire Alarm provides Marlowe with an enlarged base from which to service customers in the London area and cross-sell other group services, including security and water treatment, which share the same channel to market as fire protection," Marlowe said.
Shares in Marlowe were up 3.1% at 183.00 pence on Thursday morning.
By Hannah Boland; hannahboland@alliancenews.com; @Hannaheboland
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