Marlowe acquires Morgan Fire in £5m deal
Specialist services group Marlowe has acquired Morgan Fire Protection for a net consideration of £5.0m, it announced on Friday.
The AIM-traded firm said the business generated revenues of £4.3m and adjusted EBITDA of £0.8m in the year ended 31 March.
It had net assets of £1.3m as at 31 July.
The acquisition was being funded from Marlowe's existing cash resources, the company said.
“Morgan Fire, based in Hertfordshire, provides a range of fire safety services predominantly to small to medium enterprises in and around London and south east England,” the board said in its statement.
“Morgan Fire employs 55 staff and adds further scale and capability to Marlowe's Fire division.”
At 0942 BST, shares in Marlowe were up 0.84% at 539.5p.