Marlowe, a support services group, has acquired Future Water, a provider of water treatment and hygiene services based in Milford, Derbyshire.
Founded in 2007, Future water employs 25 staff and provides services to a range of sectors including hospitality, healthcare and industrial customers.
Future Water is being purchased for a total consideration of up to £640,000 on a debt-free, cash-free basis, comprising initial cash consideration of £490,000 and a contingent cash earn-out capped at £150,000.
The acquisition will be funded from Marlowe's existing cash resources.
For the 12 months to 30 April 2017, Future Water reported unaudited revenues of £1.55 million and unaudited profit before tax of £0.15 million, with unaudited gross assets of £0.41 million as at period end.
At 8:48am: (LON:MRL) Marlowe PLC share price was -2p at 376p