Marlowe acquires water treatment firm Sterling in £1.75m deal
By Josh White
Date: Thursday 07 Oct 2021
(Sharecast News) - Safety and compliance software and services company Marlowe has acquired water treatment and compliance services provider Sterling Hydrotech for an enterprise value of £1.75m, it announced on Thursday.
The AIM-traded firm said Sterling Hydrotech was founded in 1988, and is based in Derbyshire employing around 40 staff.
"The acquisition provides attractive synergies with Marlowe's testing, inspection and certification division," the Marlowe board said in its statement.
For the year ended 31 March, Sterling Hydrotech generated an operating profit of £0.5m on revenues of £4.8m.
Net assets at 31 March totalled £1.1m.
"The total consideration of £1.75m comprises an upfront cash payment of £1.5m and a deferred element of £0.25m," the directors added.
"The acquisition will be funded from Marlowe's existing cash and debt resources."
At 1047 BST, shares in Marlowe were up 0.61% at 913.5p.
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