Business-critical services and software firm Marlowe has acquired Northamptonshire-based TP Health, a provider of technology-enabled Occupational Health services in the UK, for an expected enterprise value of £14.9 million.
TP Health, established in 2006, is headquartered in Northampton and employs approximately 240 staff, including over 130 clinical professionals.
Marlowe said of the acquisition: “The acquisition of TP Health offers attractive operational synergies with Optima Health and adds further scale to Marlowe’s UK leading Occupational Health offering, a core compliance market for Marlowe within its Governance, Risk and Compliance (GRC) division.”
For the year ended 31 December 2020, TP Health generated a profit before tax of £1 million on revenue of £14.6 million. Net assets at 31 December 2020 were £1.9 million.
The total enterprise value will comprise an upfront cash consideration of £13.3 million in addition to an estimated £1.6 million in performance-related contingent consideration. The acquisition will be funded from Marlowe’s existing cash resources.
