LONDON: Marlowe plc has acquired FSE Fire Safety Systems Ltd (FSE) for an initial consideration of £2.4 million.
Headquartered in Nottingham, FSE was founded in 2005 and provides a range of fire safety and security services. The business operates nationally with a large base of customers in the East Midlands area.
For the year to 31 August 2019, FSE generated revenues of £4.3 million and an adjusted PBT of £0.6 million. Net assets at 31 August 2019 were £1.2 million. The total enterprise value will comprise an upfront cash consideration of £2.4 million and a contingent cash earn out of up to £0.2 million. The acquisition will be funded from Marlowe’s existing cash resources.