Marlowe plc to raise £100m through an accelerated bookbuild

Funding | North West

Marlowe plc, a business-critical services and software firm which assure safety and regulatory compliance, announces a proposed non pre-emptive placing to capitalise on acquisition opportunities as part of its future planning.

The Group intends to raise gross proceeds of approximately £100m through the issue of 14,492,754 new ordinary shares of 50 pence each at 690 pence per share to new and existing investors.

The placing will be conducted by way of an accelerated bookbuild process which will be launched immediately.

The group currently has revenues of £250m and run-rate EBITDA of £38m.

David Bowcock, corporate partner at Fieldfisher Manchester, who leads the legal team advising Marlowe said: “This is an exciting step for Marlowe, which now has a nationwide presence through its portfolio of business services and compliance software companies, towards further expanding its brand and reach across the UK.

“Marlowe’s focus on Testing, Inspection and Certification (TIC) and Governance, Risk and Compliance (GRC) reflects what we are seeing more generally among corporate clients in the legal sector, in terms of increased investment in governance and compliance and certifying adherence with increasingly rigorous regulations.

“We are also witnessing a clear uptick in M&A activity as the UK recovers from the economic shock of Covid-19 and more than four years of Brexit uncertainty.

“We wish Marlowe every success in executing its strategy and look forward to working with their team on future deals.”

London-headquartered Marlowe has completed 48 acquisitions over the last five years, which have been spread throughout the UK and include health and safety businesses, HR and employment law, occupational health, air testing and quality, compliance software, fire safety and water treatment specialists.

The team at Fieldfisher, a European law firm, has advised Marlowe on all of its acquisitions to date is providing legal advice on the latest equity raising.

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