LONDON: Marlowe plc, the UK leader in business critical services and software which assure safety and regulatory compliance, has acquired WPL Limited for an enterprise value of £10 million.
Founded in 1991 and headquartered in Hampshire, WPL is a leading provider of wastewater treatment and compliance services across the UK.
For the year to 31 October 2020, WPL generated revenues of £9.5 million, profit before tax of £1.8 million and had net assets of £4.5 million (unaudited). The total consideration of £10.0 million comprises a cash payment of £9.1 million and the issue of 147,652 new ordinary shares in Marlowe of £0.50 each. The Consideration Shares are subject to a two year lock-in.
Application has been made for the Consideration Shares to be admitted to trading on AIM, and it is expected that Admission will occur at 8.00 a.m. on or around 11 January 2021. Following Admission of the Consideration Shares, the Group’s issued ordinary share capital will consist of 60,414,449 ordinary shares.
Each ordinary share has one voting right and no shares are held in treasury and this figure may be used by shareholders in the Company as the denominator for the calculation by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Financial Conduct Authority’s Disclosure Guidance and Transparency Rules.
Alex Dacre, Chief Executive of Marlowe plc, said: “The acquisition of WPL marks another significant step in the development of our strategy for water and air compliance services. Following the acquisitions of Suez Water Conditioning Services in 2018 and Clearwater Technology in 2019, alongside a number of bolt-on acquisitions and strong organic growth, our Water & Air Compliance business now generates run-rate revenue of over £100 million and has the broadest service capabilities and coverage in the UK. We look forward to the contribution that WPL will make to our continued growth in this market.”
Marlowe is a UK leader in business critical services and software which assure safety and regulatory compliance. The company was formed to create sustainable shareholder value through the acquisition and development of businesses that provide regulated safety and compliance services.
It is focused on health & safety, compliance software, employment law & HR compliance, fire safety, security, water treatment & air hygiene 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.