Specialist services group Marlowe is to raise £35m in a proposed placing and has agreed to buy a Cambridge software company.
Fieldfisher’s Manchester office carried out the legal work for Marlowe, led by corporate partner David Bowcock.
Fieldfisher has acted for Marlowe for a number of years and this is the 35th acquisition they have completed, all of which David Bowcock has acted on.
The business has snapped up Elogbooks Facilities Management Ltd and Elogbooks Facilities Services Ltd for an initial consideration of £7.35m. The enterprise value of the deal of £14m.
Elogbooks was founded in 2010 and provides contractor management software and services.
Alex Dacre, chief executive of Marlowe, said: “The acquisition of Elogbooks is the next step in our strategy to deliver integrated technology and services to enhance the compliance, safety and upkeep of our clients’ premises.
“Alongside Meridian, our existing software platform, the addition of Elogbooks will position us to offer our clients a complete technology-enabled contractor management, compliance and health and safety solution.
“The acquisition significantly expands the group’s digital capabilities and service offering in providing our clients with visibility and control over their service providers’ performance and compliance.
“We see considerable scope to deploy Elogbooks’ system and technology across our existing businesses to further enhance the health, safety and compliance of our customers and look forward to the attractive returns that this acquisition will generate for Marlowe’s shareholders.”
The group’s proposed placing – by way of an accelerated bookbuild – is expected to raise a minimum of £35m to fund its “acquisition-led strategy”.
