Marlowe snaps up fire protection firm Swift in £13m deal

Manchester firm Marlowe plc is set to acquire fire protection and security system provider Swift in a deal worth £13m.

Marlowe, which acquires and develops companies in the UK’s outsourced business services sector, has said the transaction represents a step towards its goal of creating an asset maintenance-focused business-to-business service group.

With a team of 270 employed across four UK offices, Swift posted a pre-tax profit of £1.18m and revenues of £20.9m in the year ending May 31 2015.

Commenting on the deal, Marlowe chief executive Alex Dacre said: “The acquisition of Swift is the first step for Marlowe as we start to build a leading support services company focussed on critical asset maintenance services.

“Since May 2015, when Charles Skinner, Derek O’Neill and I joined Peter Gaze on the board we have, I believe, developed a deeply considered and tested strategy.

He continued: “During our search for targets we came to realise that Swift, led by industry veteran Nigel Jackson, was an ideal platform for growth in our chosen markets.

“Swift benefits from a broad base of annuity-type recurring revenues in a market which is underpinned by stringent legislation and is displaying growing barriers to entry.”

To part finance the acquisition, Marlowe has proposed raising £3m through an underwritten subscription with both new and existing shareholders.

Want your business, product or service to be seen regionally and nationally? Bdaily helps you get your story in front of the right audience, every day. Find out how Bdaily can help →

Join more than 55,000 subscribers by signing up to our daily bulletin each morning here.