Marlowe PLC Acquisition of Healthwork (4042B)
June 10 2021 - 1:00AM
UK Regulatory
TIDMMRL
RNS Number : 4042B
Marlowe PLC
10 June 2021
10 June 2021
Marlowe plc
Acquisition of Healthwork
Marlowe plc ("Marlowe" or the "Group"), the UK leader in
business critical services and software which assure safety and
regulatory compliance, announces that it has acquired Healthwork
(incorporated as Gel Limited), a national provider of occupational
health services, for an expected enterprise value of GBP17.2
million.
Founded in 2003, Healthwork is based in Manchester and employs
approximately 120 staff, including over 80 clinical professionals.
The acquisition of Healthwork adds significant scale to Marlowe's
current occupational health offering of employee mental health,
wellbeing and health surveillance services and offers synergies
with Marlowe's wider Governance, Risk and Compliance division. It
strengthens Marlowe's position in occupational health, a market
benefiting from strong structural growth and a range of attractive
characteristics, such as non-discretionary spend, high barriers to
entry and increased demand due to Covid-19. Marlowe entered the
occupational health market in March 2020 with the acquisition of
Managed Occupational Health and Healthwork will become a platform
for further acquisition-led growth within this space. Key
management will remain with the business going forward.
For the year ended 31 March 2021, Healthwork generated operating
profits of GBP2.6 million on revenues of GBP10.4 million. Net
assets at 31 March 2021 were GBP2.6 million. The total enterprise
value will comprise an upfront cash consideration of GBP14.2
million in addition to performance-related contingent consideration
expected to be in the region of GBP3.0 million. The acquisition
will be funded from Marlowe's existing cash resources.
Alex Dacre, Chief Executive of Marlowe plc, said:
"The acquisition of Healthwork significantly deepens our scale
and capabilities in occupational health and strengthens our
position as the UK leader in regulated safety and compliance
services to organisations of all sizes. With identified synergies
between Healthwork and our other occupational health and health
& safety activities we are confident that this acquisition will
generate attractive returns for Marlowe's shareholders. Our
pipeline of further earnings enhancing acquisition opportunities
remains buoyant and we expect to report on further progress in the
coming weeks."
For further information:
Marlowe plc www.marloweplc.com
Alex Dacre, Chief Executive Tel: +44 (0) 203 813 8498
Mark Adams, Group Finance Director IR@marloweplc.com
Cenkos Securities plc (Nominated Adviser
and Joint Broker)
Nicholas Wells Tel: +44 (0)20 7397 8900
Ben Jeynes
Berenberg (Joint Broker)
Ben Wright Tel: +44 (0)20 3207
7800
Mark Whitmore
FTI Consulting
Nick Hasell Tel: +44 (0)20 3727
1340
Alex Le May
About Marlowe plc
Marlowe is a UK leader in business critical services and
software which assure safety and regulatory compliance. The company
was formed to create sustainable shareholder value through the
acquisition and development of businesses that provide regulated
safety and compliance services. It is focused on health &
safety, compliance software, employment law & HR compliance,
fire safety, security, water treatment & air hygiene and
occupational health services - all of which are vital to the
wellbeing of its customers operations and are invariably governed
by regulation. Marlowe currently provides services to over 15% of
Britain's commercial premises and is increasingly attractive to
customers who require a single outsourced, nationwide, provider of
a comprehensive range of regulated compliance and safety services.
Our customers can be found in most office complexes, high streets
& leisure facilities, manufacturing plants and industrial
estates, and include thousands of SMEs, local authorities,
facilities management providers, multi-site NHS trusts and FTSE 100
companies.
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END
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