📋 Tender Overview
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 Healthwork incorporated as Gel Limited a national provider of occupational health services for an expected enterprise value of 17.2 million.Founded in 2003 Healthwork is based in Manchester and employs approximately 120 staff including over 80 clinical professionals. The acquisition of Healthwork adds significant scale to Marlowes current occupational health offering of employee mental health wellbeing and health surveillance services and offers synergies with Marlowes wider Governance Risk and Compliance division. It strengthens Marlowes position in occupational health a market benefiting from strong structural growth and a range of attractive characteristics such as non-discretionary spend high barriers to entry and increased demand due to Covid-19. Marlowe entered the occupational health market in March 2020 with the acquisition of Managed Occupational Health and Healthwork will become a platform for further acquisition-led growth within this space. Key management will remain with the business going forward.For the year ended 31 March 2021 Healthwork generated operating profits of 2.6 million on revenues of 10.4 million. Net assets at 31 March 2021 were 2.6 million. The total enterprise value will comprise an upfront cash consideration of 14.2 million in addition to performance-related contingent consideration expected to be in the region of 3.0 million. The acquisition will be funded from Marlowes existing cash resources.Alex Dacre Chief Executive of Marlowe plc saidThe acquisition of Healthwork significantly deepens our scale and capabilities in occupational health and strengthens our position as the UK leader in regulated safety and compliance services to organisations of all sizes. With identified synergies between Healthwork and our other occupational health and health safety activities we are confident that this acquisition will generate attractive returns for Marlowes shareholders. Our pipeline of further earnings enhancing acquisition opportunities remains buoyant and we expect to report on further progress in the coming weeks.
