Company Announcements

19 April 2022

Marlowe plc

Acquisition of TP Health

Marlowe plc ("Marlowe" or the "Group"), the leader in business-critical services and software which assure safety and regulatory compliance, announces that it has acquired TP Health, incorporated as TP Health (Holdings) Ltd ("TP Health"), a leading provider of technology-enabled Occupational Health services in the UK, for an expected enterprise value of £14.9 million.

TP Health, established in 2006, is headquartered in Northampton and employs approximately 240 staff, including over 130 clinical professionals. The acquisition of TP Health offers attractive operational synergies with Optima Health and adds further scale to Marlowe's UK leading Occupational Health offering, a core compliance market for Marlowe within its Governance, Risk and Compliance ("GRC") division.

For the year ended 31 December 2020, TP Health generated a profit before tax of £1.0 million on revenue of £14.6 million. Net assets at 31 December 2020 were £1.9 million. The total enterprise value will comprise an upfront cash consideration of £13.3 million in addition to an estimated £1.6 million in performance-related contingent consideration. The acquisition will be funded from Marlowe's existing cash resources.

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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.