LONDON, UK: Marlowe plc, the leader in business-critical services and software which assure safety and regulatory compliance, announces that it has acquired TP Health, a leading provider of technology-enabled Occupational Health services in the UK, for an expected enterprise value of £14.9 million.
TP Health, established in 2006, is headquartered in Northampton and employs approximately 240 staff, including over 130 clinical professionals.
The acquisition of offers attractive operational synergies with Optima Health and adds further scale to Marlowe’s UK leading Occupational Health offering, a core compliance market for Marlowe within its Governance, Risk and Compliance (“GRC”) division.
For the year ended 31 December 2020, TP Health generated a profit before tax of £1.0 million on revenue of £14.6 million. Net assets at 31 December 2020 were £1.9 million. The total enterprise value will comprise an upfront cash consideration of £13.3 million in addition to an estimated £1.6 million in performance-related contingent consideration. The acquisition will be funded from Marlowe’s existing cash resources.