MBH Corporation Plc / Key word(s): Investment
MBH ESTABLISHES A NEW ENGINEERING VERTICAL WITH ACQUISITION OF 3Ks ENGINEERING
London, 26 January 2021, MBH Corporation plc (MBH), a diversified investment holding company, is establishing a new engineering vertical with the acquisition of 3Ks Engineering ("3Ks"). 3Ks Engineering will be the 23rd company joining MBH.
MBH today establishes a new vertical with the 100% acquisition of 3Ks Engineering ("3Ks"), a one stop shop for large fabrication & heavy machining service and is one of the largest companies in this industry operating in the UK.
3Ks has been a family business for over 50 years. Established in 1969 in South Wales by Ronald Hanbury, it has been run for the past 20 years or so by sons Kevin and Karl Hanbury who will remain in the business post acquisition.
3Ks was established to largely serve the oil & gas sector. The majority of their customer base remains in that sector, although they serve a range of industries with clients across the UK providing solutions to Subsea, Offshore, Onshore, Rail Sector and Back Deck requirements.
For the year ending 31 January 2020 3K generated revenue of GBP 4.0M. This acquisition is an EPS accretive acquisition.
The estimated total consideration for the acquisition is approximately GBP3.3M. The consideration will be paid partly in unlisted bonds in MBH Corporation plc and would convert to listed bonds upon completion of audited accounts. The terms of the listed and unlisted bonds are as follows:
Convertible notes will be used to settle the remaining purchase consideration. At the date of conversion, the convertible note will convert into MBH shares at the lower of the 30 day volume weighted price preceding the conversion date (i.e. 12 months post completion date) or EUR0.80c per share.
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Information and Explanation of the Issuer to this News:
About 3Ks Engineering
3Ks Engineering was established in 1969 in South Wales, United Kingdom. 3K Engineering offers a one stop shop for Large Fabrication & Heavy Machining service and is one of the largest companies offering this invaluable dual role to remain in the UK.
The company's customers are largely centered around the Oil & Gas market sectors and can provide a solution to Subsea, Offshore and Back Deck requirements.
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.
26-Jan-2021 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
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