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LONDON (Alliance News) - Critical maintenance services provider Marlowe PLC on Monday said it has agreed to pay up to GBP7.6 million to acquire fire protection and security services provider Hentland Ltd.
Hentland, with headquarters in Bodmin, provides fire protection and security services to customers in the leisure, logistics, healthcare, food, retail and public sectors. In 2015, Hentland made a pretax profit of GBP300,000 on revenue of GBP9.7 million.
Marlowe said the services Hentland provides in similar to those of security systems provider Swift, which the company bought in April, and of Fire Alarm Fabrication Services, which it acquired in May.
Marlowe will pay GBP4.7 million in cash on completion and repay net debt of GBP2.5 million. A further GBP400,000 will be paid if Hentland meets earnings targets.
Shares in Marlowe were up 8.3% to 319.40 pence on Monday morning.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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