Marlowe has acquired H2O Chemicals Ltd for a total enterprise value of £2.8m. It also announced a placing and subscription with certain institutional investors and Marlowe's existing shareholders to raise approximately £10m. The placing and subscription were oversubscribed and the price of 170p a share represents a premium of 1.5% to the mid-market closing price per share of 168p yesterday. ACQUISITION HIGHLIGHTS: - double the size of the Group's current Water Treatment division, offer synergy benefits and assist the Group in meeting its key strategic objective of providing national coverage in each of its sectors; - bring a large new base of customers with a significant proportion of recurring revenues to which it can cross-sell other Group services; - create an enhanced platform for further buy-and-build growth; - enhance earnings in its first full year of ownership. - Additionally, the Board believes the Subscription and Placing will provide the Group with the financial resources to pursue further acquisition opportunities within its well-developed pipeline across the Water Treatment and Fire divisions.
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