21st May 2019 17:37
LONDON (Alliance News) - Marlowe PLC said on Tuesday it has agreed to acquire Clearwater Group Ltd for an enterprise value of GBP11 million on a cash and debt free basis.
Marlowe provides inspection, testing and compliance services to commercial properties, while Clearwater Group provides services including water treatment, hygiene and compliance.
For 2018, Clearwater Group reported an adjusted loss before interest, taxes, depreciation and amortisation of GBP170,000 on revenue of GBP27.9 million.
In addition, Marlowe has proposed a placing to raise up to GBP20 million through the issue of 4.7 million shares at a price of 426 pence per share to new and existing investors. Shares in Marlowe closed up 0.1% at 426.40 pence on Tuesday.
The placing will be conducted through an accelerated bookbuild, for which Cenkos Securities and Berenberg will act as joint bookrunners.
"The acquisition of Clearwater brings significant additional scale and expertise to the group and further accelerates our strategy of broadening our capabilities in water treatment and hygiene. We are confident that this acquisition will generate attractive returns for Marlowe's shareholders," said Chief Executive Alex Dacre.
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