Marlower acquiring Advance Environmental in £2m deal

Support services group Marlowe announced on Friday that it had acquired Advance Environmental, which it described as a provider of water treatment and hygiene services based in Brackley, Northamptonshire.

The AIM-traded company said Advance Environmental was founded in 1997, and employed 40 people and services over 100 customers with a “strong focus” on healthcare, alongside a range of other sectors such as education and leisure.

“Advance Environmental is being purchased for £1.9m on a debt-free, cash-free basis,” Marlowe’s board said in its statement.

“For the 12 months to 31 September 2016, Advance Environmental reported revenue of £2.5m, EBITDA of £0.5m and net assets of £1.0m.

“The transaction will be funded using Marlowe's existing cash and debt resources.”