DGAP-News
MBH COMPLETES ITS 26TH ACQUISITION BY ACQUIRING INTERCITY TAXIS TO FURTHER GROW ITS TRANSPORT VERTICAL
DGAP-News: MBH Corporation Plc / Key word(s): Investment MBH COMPLETES ITS 26TH ACQUISITION BY ACQUIRING INTERCITY TAXIS TO FURTHER GROW ITS TRANSPORT VERTICAL |
London, 5th May 2021, MBH Corporation plc (MBH), a diversified investment holding company, completes its fourth acquisition of the year with Stoke-On-Trent based Intercity Taxis joining the Group to take the portfolio to 26 companies in a continuation of a highly active acquisition drive.
MBH Corporation plc today announces its latest acquisition of Intercity Taxis which becomes the fourth company in its transport vertical. Intercity Taxis is a tactical acquisition for the Group and will reside under Take Me (formerly ADT Taxis) within the Group's transport vertical.
Intercity Taxis' has a 40 year history and averages over 150 drivers to a fleet of 120 taxis. The company's largest account is Staffordshire County Council and numerous other local authorities use the company to provide school run services.
Despite its long history, Intercity Taxis has kept pace with the latest innovations and recently embraced the iCabbi system to provide customers the flexibility to book a taxi in a number of different ways quickly through an app, web booker, IVR (interactive voice response) and call handlers.
Intercity Taxis' generated GBP 2.1m in revenue for the year 31 May 2020 with a normalised EBIT of GBP0.5m.
The total consideration for the acquisition of Intercity is approximately GBP 3-4m (pending audit) which will be settled mostly by way of MBH listed bond with the following terms:
- 5-year maturity with principal payable at maturity; and
- 5% coupon rate per annum payable semi-annually
Bond Programme and Number of Shares on Issue
After this acquisition, MBH would have utilised approximately EUR37m of its bond programme leaving a balance of EUR13m to be utilised if required.
The number of shares issued as at the date of this release is 72m.