Marlowe Holdings buys Titan Fire & Security for £750,000

4th Nov 2016 08:09

(ShareCast News) - Support services company Marlowe Holdings has bought Titan Fire & Security, a provider of fire protection services, for up to £750,000.An initial cash consideration of £450,000 will paid with two earn-out payments of up to £150,000 after six and 12 months, when Titan Fire & Security meets targets.Under the terms of the deal, the AIM-listed company will also buy about £1.4m of the Uxbridge-based acquisition's recurring customer revenues.Marlowe aims to create shareholder value through acquisitions and developments of businesses that provide maintenance services, particularly fire protection, security systems and water treatment, which are governed by regulation and where customers need a single specialist provider with nationwide coverage.Shares in Marlowe Holdings were up 2.52% to 305p at 0806 GMT.