31st Jan 2019 11:56
LONDON (Alliance News) - Marlowe PLC on Thursday said it has acquired Atana Ltd for GBP3.0 million to expand its Water division.
The support services company said Atana provides wastewater treatment solutions to commercial organisations across the UK. In 2017, it reported revenue of GBP5.1 million and pretax profit of GBP500,000.
The total acquisition value will comprise an upfront cash consideration of GBP3 million and a cash earn-out expected to be in the region of GBP3 million and capped at GBP5 million for regulatory purposes.
The achievement of the earn-out is dependent upon the business generating earnings before interest, taxes, depreciation, and amortization of GBP1.4 million in 2020.
"The acquisition of Atana accelerates Marlowe's strategy of broadening the capabilities of our Water division across the entire regulated water management cycle," explained Marlowe Chief Executive Alex Dacre.
"It enables us to provide additional water services to our customers and strengthens our competitive proposition and ability to cross-sell, both within and across our operating divisions," added Dacre.
Marlowe shares were trading 0.1% lower on Thursday at 371.515 pence each.
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