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Marlowe buys wastewater services firm WPL for £10m
7th Jan 2021 08:52
(Sharecast News) - Safety and compliance software and services company Marlowe has acquired WPL for an enterprise value of £10m, it announced on Thursday.
The AIM-traded firm described WPL, established in 1991 and based in Hampshire, as a "leading provider" of wastewater treatment and compliance services across the UK.
For the year ended 31 October, WPL generated revenues of £9.5m, profit before tax of £1.8m, and had net assets of £4.5m.
The total consideration of £10m comprised a cash payment of £9.1m, and the issue of 147,652 new shares in Marlowe.
It said the consideration shares would be subject to a two year lock-in.
"The acquisition of WPL marks another significant step in the development of our strategy for water and air compliance services," said chief executive officer Alex Dacre.
"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 and air compliance business now generates run-rate revenue of over £100m 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."
At 0835 GMT, shares in Marlowe were up 0.16% at 632p.
The AIM-traded firm described WPL, established in 1991 and based in Hampshire, as a "leading provider" of wastewater treatment and compliance services across the UK.
For the year ended 31 October, WPL generated revenues of £9.5m, profit before tax of £1.8m, and had net assets of £4.5m.
The total consideration of £10m comprised a cash payment of £9.1m, and the issue of 147,652 new shares in Marlowe.
It said the consideration shares would be subject to a two year lock-in.
"The acquisition of WPL marks another significant step in the development of our strategy for water and air compliance services," said chief executive officer Alex Dacre.
"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 and air compliance business now generates run-rate revenue of over £100m 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."
At 0835 GMT, shares in Marlowe were up 0.16% at 632p.