William Martin — Acquisition by Marlowe plc
UK property-related health and safety audit and consultancy business acquired by Marlowe plc, illustrating how high recurring revenue, strong margins and proprietary compliance technology can support a valuation materially above typical sector multiples.
Acquirer
Marlowe plc
Year
2018
Enterprise Value
£30.0m
Revenue
£7.5m
Adjusted EBITDA
£2.3m
EBITDA Multiple
~13.0×
Industry
Health & Safety Consultancy
Transaction
Marlowe plc acquired William Martin, a UK provider of property-related health and safety audit and consultancy services, in December 2018. For the year ended 30 April 2018, William Martin generated revenue of £7.5m and EBITDA of £2.3m, representing an EBITDA margin of approximately 31%. The acquisition announcement stated an implied total enterprise value of £30.0m, equivalent to approximately 13.0× EBITDA. Marlowe's subsequent reporting confirmed the acquisition completed in December 2018; the £30.0m implied enterprise value stated in the acquisition announcement is the figure used to calculate the ~13.0× EBITDA multiple, not the later £33.1m accounting consideration figure.
Why the Premium?
- Approximately 85% recurring revenue
- Strong ~31% EBITDA margin
- Proprietary Meridian compliance software platform
- Recurring outsourced compliance services
- Strategic fit with an established compliance group
SME Takeaway
William Martin's revenue fell within the SME Multiples $1–$50M benchmark. The transaction demonstrates how a health and safety consultancy with high recurring revenue, strong margins and proprietary technology can achieve a valuation materially above the typical 3×–6× sector range. It is presented as a High Multiple case study rather than evidence that 13× is a typical sector multiple.
Disclaimer: Case study figures are based on publicly available information and are provided for illustrative purposes only. Transaction values, EBITDA figures and implied multiples may reflect different reporting periods, definitions and deal structures, and some multiples are calculated from disclosed figures rather than reported by the parties. They are not formal valuations, investment advice or a substitute for independent professional advice.