Marlowe, the business services and software company, has acquired water treatment and compliance services provider Sterling Hydrotech Holdings Limited in a £1.75 million deal.
Founded in 1988, Sterling Hydrotech is based in Derbyshire and employs approximately 40 staff. The acquisition provides attractive synergies with Marlowe’s Testing, Inspection & Certification (TIC) division.
For the year ended 31 March 2021, Sterling Hydrotech generated an operating profit of £0.5 million on revenues of £4.8 million. Net assets at 31 March 2021 were £1.1 million.
The total consideration of £1.75 million comprises an upfront cash payment of £1.5 million and a deferred element of £0.25 million. The acquisition will be funded from Marlowe’s existing cash and debt resources.