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AIM-listed Marlowe Plc has acquired wastewater treatment and compliance services provider WPL Limited for an enterprise value of £10 million.
With headquarters in Waterlooville, Hampshire, WPL was founded in 1991 and specialises in the custom design, manufacture and on-site delivery of wastewater treatment solutions for home owners, large municipal communities and industrial markets.
PKF Francis Clark was appointed by the shareholders of WPL to assist them with the sale of the business following acquisition interest from a number of parties.
The PKF Francis Clark team… added substantial value to the shareholders. They guided us through the transaction with professionalism and good humour.
After running a highly competitive process that significantly increased initial bids, Marlowe was selected as a preferred purchaser and completed the deal in six weeks.
Gareth Jones, managing director of WPL Limited, said: “It was a pleasure working with the PKF Francis Clark team, who added substantial value to the shareholders. They guided us through the transaction with professionalism and good humour, were always available and I would not hesitate in recommending them as a corporate finance partner.”
Paul Stout, corporate finance partner at PKF Francis Clark, said: “It was a pleasure working with Gareth, Simon and Andrew and we are delighted to have delivered a strong result for the shareholders. They have built a robust business and I’m sure that they will continue this success under new ownership. It was a great example of how, with proper preparation, transactions can run smoothly and deliver great results.”
Alex Dacre, chief executive of Marlowe Plc, said: “The acquisition of WPL marks another significant step in the development of our strategy for water and air compliance services. We look forward to the contribution that WPL will make to our continued growth in this market.”
The PKF Francis Clark team comprised Paul Stout, Chris Potts and Oliver Woodward. Legal advisers on the transaction for the shareholders were Kelvin Balmont and Emma Crouch of Clarke Willmott LLP.
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