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Marlowe buys Birmingham-based Island Fire Protection for up to £1.1m
(WebFG News) - AIM-listed support services group Marlowe has acquired Birmingham-based Island Fire Protection for a total enterprise value of up to £1.1m, to be funded from the group's existing cash resources.
The total enterprise value comprises an upfront cash consideration of £0.9m and a cash earn-out expected to be around £0.2m.
Founded in 1991, Island Fire provides a portfolio of fire protection services including the installation and maintenance of fire alarms and extinguishers to customers nationally.
For the year to 30 April 2017, the business reported revenues of £2.1m and pre-tax profit of £0.3m, and had year-end net assets of £0.5m.
At 0955 BST, Marlowe shares were up 1.5% to 395.80p.