Marlowe PLC Acquisition of DeltaNet International Limited (2400J)
December 21 2020 - 2:00AM
UK Regulatory
TIDMMRL
RNS Number : 2400J
Marlowe PLC
21 December 2020
21 December 2020
Marlowe plc
Acquisition of DeltaNet International Limited
Marlowe plc ("Marlowe" or the "Group"), the UK leader in
business critical services and software which assure safety and
regulatory compliance, announces that it has acquired compliance
& safety eLearning platform DeltaNet International Limited
("DeltaNet") for an initial consideration of GBP3.0 million.
DeltaNet, established in 1998, is headquartered in Loughborough
and provides accredited health & safety, compliance & HR
eLearning courses to companies across the UK and internationally.
DeltaNet employs 36 staff, around half of whom are involved in
content development and software & app design. Customers
subscribe to DeltaNet's gamified and interactive courses to ensure
their employees are trained in and comply with safety, HR and
business compliance standards and legislation. The acquisition
offers significant synergies with the Group's existing Governance,
Risk and Compliance business lines, in particular Ellis Whittam and
Law At Work.
For the year ended 31 December 2019, DeltaNet generated EBITDA
of GBP0.5 million on revenues of GBP2.4 million. Net assets at 31
December 2019 were GBP0.5 million. The total enterprise value is
expected to be in the region of GBP4.5 million and includes a
deferred consideration expected to be in the region of GBP1.5
million, contingent on EBITDA growth. The acquisition will be
funded from Marlowe's existing cash resources.
Alex Dacre, Chief Executive of Marlowe plc, said:
"The acquisition of DeltaNet broadens the Group's expertise in
Health & Safety and Compliance and provides Marlowe with new
opportunities for growth in the highly complementary eLearning
market. DeltaNet will broaden the Group's service capabilities to
existing customers and will offer significant synergies,
particularly with Ellis Whittam and Law At Work. Deltanet brings
more than 600 new customers, including international blue-chip
companies, who will be able to benefit from Marlowe's business
critical service and software. We are confident that this
acquisition will generate attractive returns for Marlowe's
shareholders."
For further information:
Marlowe plc www.marloweplc.com
Alex Dacre, Chief Executive Tel: +44 (0) 203 813 8498
Mark Adams, Group Finance Director IR@marloweplc.com
Cenkos Securities plc (Nominated Adviser and
Joint Broker)
Nicholas Wells Tel: +44 (0)20 7397 8900
Ben Jeynes
Harry Hargreaves
Berenberg (Joint Broker)
Ben Wright Tel: +44 (0)20 3207
7800
Mark Whitmore
FTI Consulting
Nick Hasell Tel: +44 (0)20 3727
1340
Alex Le May
About Marlowe plc
Marlowe is a UK leader in business critical services and
software which assure safety and regulatory compliance. The company
was formed to create sustainable shareholder value through the
acquisition and development of businesses that provide regulated
safety and compliance services. It is focused on health &
safety, compliance software, employment law & HR compliance,
fire safety, security, water treatment & air hygiene and
occupational health services - all of which are vital to the
wellbeing of its customers operations and are invariably governed
by regulation. Marlowe currently provides services to over 15% of
Britain's commercial premises and is increasingly attractive to
customers who require a single outsourced, nationwide, provider of
a comprehensive range of regulated compliance and safety services.
Our customers can be found in most office complexes, high streets
& leisure facilities, manufacturing plants and industrial
estates, and include thousands of SMEs, local authorities,
facilities management providers, multi-site NHS trusts and FTSE 100
companies.
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END
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