31 Jul 2020 07:00
31 July 2020
Marlowe plc
Acquisition of Rainbow Water Services Limited and Caritas Group Limited
Marlowe plc ("Marlowe" or the "Group"), the specialist services group focused on developing companies which assure safety and regulatory compliance, announces that it has acquired Rainbow Water Services Limited ("Rainbow Water") and Caritas Group Limited ("Caritas").
Based in Kent, Rainbow Water provides water treatment and hygiene services to a broad range of customers within London and the surrounding counties. The business, which will be immediately integrated in to WCS Group, generated revenues of £1.0m and EBITDA of £0.1m in the year to 31 August 2019.
Based in Lincolnshire, Caritas provides occupational health services and was established in 1997. The business will be integrated in to Managed Occupational Health, the Group's occupational health operation. In the year to March 2020, Caritas generated revenues of £0.4m and EBITDA of £0.1m.
The total consideration for the acquisitions of Rainbow Water and Caritas, of £0.45m and £0.13m respectively, will be funded from the Group's existing cash resources.
For further information:
Marlowe plc | www.marloweplc.com |
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Alex Dacre, Chief Executive | Tel: +44 (0) 203 813 8498 |
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Mark Adams, Group Finance Director | IR@marloweplc.com |
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Cenkos Securities plc (Nominated Adviser and Joint Broker) |
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Nicholas Wells | Tel: +44 (0)20 7397 8900 |
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Ben Jeynes |
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Harry Hargreaves |
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Berenberg (Joint Broker) |
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Ben Wright | Tel: +44 (0)20 3207 7800 |
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Mark Whitmore |
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FTI Consulting |
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Nick Hasell | Tel: +44 (0)20 3727 1340 |
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Alex Le May |
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About Marlowe plc
Marlowe is a UK leader in specialist services which assure safety and regulatory compliance, whilst managing risk for businesses across the country. The company was formed to create sustainable shareholder value through the acquisition and development of businesses that provide regulated inspection, testing and compliance services. It is focused on health & safety, employment law compliance, fire safety, security, water treatment & hygiene, air quality and occupational health services - all of which are vital to the wellbeing of its customers operations and are invariably governed by regulation. Marlowe currently provides services to over 15% of Britain's commercial premises and is increasingly attractive to customers who require a single outsourced, nationwide, provider of a comprehensive range of regulated compliance and safety services. Our customers can be found in most office complexes, high streets & leisure facilities, manufacturing plants and industrial estates, and include SMEs, local authorities, facilities management providers, multi-site NHS trusts and FTSE 100 companies.
Marlowe (MRL)