Marlowe acquires FSE Fire Safety Systems
Updated : 09:56
Specialist services group Marlowe said it had acquired Nottingham-based outfit FSE Fire Safety Systems for an initial £2.4m.
FSE, founded in 2005, provides a range of fire safety and security services nationally - with a large base of customers in the East Midlands area.
In the year to August 31, FSE generated revenues of £4.3m and adjusted pre-tax profits of £600,000. Net assets were £1.2m.
The AIM-listed group said there would also be an extra £0.2m contingent cash earn-out as part of the deal. The acquisition will be funded from Marlowe's existing cash resources.
As of 0940 GMT, Marlowe shares were untraded at 442.40p.