Marlowe acquires TP Health

Business-critical services and software group Marlowe has acquired TP Health, a leading provider of technology-enabled occupational health services in the UK, for an expected enterprise value of £14.9m.

Marlowe said on Tuesday that for the year ended 31 December 2020, TP Health generated a pre-tax profit of £1.0m on revenues of £14.6m. Net assets were £1.9m at the end of 2020.

The AIM-listed firm added that the total enterprise value will comprise an upfront cash consideration of £13.3m in addition to an estimated £1.6m in performance-related contingent consideration - all of which will be funded from Marlowe's existing cash resources.

"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 division," said Marlowe.

As of 1310 BST, Marlowe shares were up 1.74% at 935.0p.