Support services group Marlowe plc, the has acquired Guardian Water Treatment Limited (which includes GPCS Limited) for up to £2.8 million on a cash and debt free basis.
Founded in 2000, Guardian operates nationally from headquarters in Basildon, Essex, and employs around 90 staff. Guardian provides a portfolio of water treatment services to over 400 customers with a significant presence within the facilities management, engineering and manufacturing sectors.
For the year to 31 March 2017, Guardian reported revenues of £6.4 million, adjusted profit before tax of £0.4 million and net assets of £2 million. Marlowe are paying £2.4 million cash upfront and a cash earn-out capped at £0.85 million.
The key members of Guardian’s operational management team will be staying with the business.
Alex Dacre, Chief Executive of Marlowe plc, commented: “The acquisition of Guardian is a further significant step in our strategy of consolidation of the UK water treatment sector. The business benefits from strong recurring revenues, longstanding customer relationships and will further strengthen our capabilities in the attractive London market.”
UK, London & Essex
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