Ductclean acquired for £10m14th July 2017
UK: Hertfordshire-based ductwork cleaning and ventilation maintenance firm Ductclean (UK) has been acquired by support services group Marlowe plc for £10m.
Established in 1998, Ductclean (UK) operates nationally from headquarters in Welwyn Garden City, employing around 185 people. Ductclean’s key customers include national hotel and leisure providers, airports, NHS trusts, universities, local authorities, and FTSE companies.
Marlowe is an AIM-listed company currently focused on fire protection, security systems and water treatment services.
The acquisition of Ductclean represents Marlowe’s first step into the air hygiene market, where it will form the basis of a new division to sit alongside the Group’s existing activities. The new Air Hygiene division will be lead by the existing Ductclean management team.
“The air hygiene market is currently highly fragmented and this will provide Marlowe with increased acquisition-led growth opportunities alongside our existing Fire & Security and Water Treatment businesses,” commented Marlowe chief executive Alex Dacre.
Ductclean reported revenues of £16.7m last year and gross assets of £6m. The acquisition includes a cash consideration of £4m which will be used in part to repay debt of approximately £2m.