Acquisition of BTE Systems Limited

RNS Number : 0723P

Marlowe PLC

29 August 2017

 

29 August 2017

Marlowe plc

Acquisition of BTE Systems Limited

Marlowe plc ("Marlowe" or the "Company"), the support services group focused on acquiring and developing companies that provide critical asset maintenance services, announces that it has acquired BTE Systems Limited ("BTE Systems") for a total enterprise value of up to £1.2 million on a debt-free, cash-free basis.

BTE Systems was founded in 2001 and provides a portfolio of fire protection services, including the installation, service and maintenance of fire detection and fire suppression systems. Headquartered in Chertsey, Surrey, BTE Systems operates throughout Greater London.

For the 12 months ended 31 March 2017, BTE Systems reported unaudited revenues of £1.9 million and profit before tax of £0.5 million. Unaudited net assets at 31 March 2017 were £0.6 million. The total enterprise value comprises an upfront cash consideration of £1.0 million and a cash earn-out capped at £0.2 million.

Alex Dacre, Chief Executive of Marlowe plc, commented: 

"The addition of BTE Systems strengthens our leading position in fire protection in the London region and brings some attractive new customer relationships to the Group that will further broaden our base of recurring revenues."

For further information:

Marlowe plc	www.marloweplc.com
Alex Dacre, Chief Executive	Tel: [phone]
	[e-mail]
Cenkos Securities plc (Nominated Adviser and Broker)
Nicholas Wells	Tel: [phone]
Elizabeth Bowman
FTI Consulting
Nick Hasell	Tel: [phone]
Alex Le May

About Marlowe plc

Marlowe is an AIM-listed company formed to create sustainable shareholder value through the acquisition and development of businesses that provide critical asset maintenance services in the UK.  It is focused on fire protection, security systems, water treatment and air hygiene services - which are essential to its customers' operations and invariably governed by regulation, and where customers require a single specialist outsourced provider with nationwide coverage. Our customers can be found on most high streets, in office complexes and industrial estates, and include SMEs, local authorities, facilities management providers, multi-site NHS trusts and FTSE 100 companies.

 

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