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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:
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.
David Hunter, CEO, Take Me Group, commented: 'We are beyond delighted to have Intercity Taxis join our Group. They are a historically brilliantly run firm, operating within a stable and established market. This presents a huge opportunity for continued growth for the transportation vertical within the MBH portfolio which we're proud to be a part of.'
Callum Laing, CEO, MBH Corporation plc, said: 'Intercity Taxis is one of the very best in their field, being innovative, forward facing and proactive and we are excited to have them as part of our growing portfolio as we add more to our transportation vertical.'
Intercity Private Hire is a well established private hire taxi company. With its incorporation dating back to 1969, it has over 40 years of history and a wealth of experience that comes with it. Intercity has a large fleet of company owned vehicles which are all maintained to a high standard in their own workshops.
MBH Corporation plc is a diversified investment holding company, listed on the Frankfurt and Dusseldorf Stock Exchanges. The company acquires small to medium enterprises across multiple geographies and sectors that are well established, profitable and looking to scale. By leveraging the Agglomeration strategy, MBH Corporation plc is able to create substantial shareholder value through the consistent and accretive acquisition of excellent companies.
Contacts for IR and media enquiries:
MBH Corporation plc, Charlotte Williams, email@example.com, +44 (0)770 396 3953
05.05.2021 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
MBH Corporation Plc
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