LONDON: Marlowe plc, the services group focused on developing companies which assure safety and regulatory compliance, has acquired Managed Occupational Health Limited (MOH), for an enterprise value of up to £3 million.

Established in 2004 and headquartered in Norwich, MOH is a leading national provider of occupational health services.

MOH employs approximately 70 staff, including 40 technicians, nurses and doctors who provide recurring occupational health advice, assessments and monitoring to help employers comply with health and safety legislation and assure the physical and mental health and wellbeing of their employees.

The business works across a broad range of sectors including education, financial services and food processing.

The acquisition marks a further step in Marlowe’s strategy of building an end-to-end provider of regulated compliance services and offers synergies with the Group’s existing Health, Safety and Compliance businesses.

For the year to 31 October 2019, MOH generated revenues of £4.0 million, EBITDA of £0.7 million, profit before tax of £0.6 million and had net assets of £0.6 million. The total enterprise value will comprise an initial cash consideration of £1.8 million and a contingent consideration of up to £1.2 million over three years dependent on the achievement of profit targets. The acquisition will be funded from the Group’s existing cash and debt facilities.

Alex Dacre, Chief Executive of Marlowe plc, said:“In acquiring Managed Occupational Health, we are continuing to scale Marlowe’s leading health and safety operations and extending our capabilities to work with clients across the full spectrum of their compliance needs. The business operates nationally in an attractive and underserved market in which we see significant growth opportunities.”