DGAP-Adhoc: MBH Corporation plc acquires engineering company Asia Pacific Energy Ventures Pte Ltd and establishes a third industry vertical

2019. június 17., hétfő, 08:42

DGAP-Ad-hoc: MBH Corporation Plc / Key word(s): Investment/Takeover

MBH Corporation plc acquires engineering company Asia Pacific Energy Ventures Pte Ltd and establishes a third industry vertical

17-Jun-2019 / 08:42 CET/CEST

Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by DGAP - a service of EQS Group AG.

The issuer is solely responsible for the content of this announcement.

MBH Corporation plc acquires engineering company Asia Pacific Energy Ventures Pte Ltd and establishes a third industry vertical

London, 17 June 2019 - MBH Corporation plc ("MBH"), a diversified investment holding company, has completed the acquisition of Asia Pacific Energy Ventures Pte Ltd ("APEV"). APEV is based in Singapore and joins MBH as the first subsidiary of a new engineering vertical as well as a new geographical territory. APEV is the largest acquisition by MBH to date. For the financial year ending 31 July 2019, APEV is expected to generate revenues of approximately SGD 92 million (approximately GBP 54 million) and earnings before interest and income tax (EBIT) of approximately SGD 10.3 million (GBP 5.8 million). As a result of the acquisition, pro forma annualised EBITDA of the existing portfolio of companies are expected to almost triple at MBH group level.

APEV was formed in 2014 and has a headcount of 210 under its two main brands - Twenty20 and Pacific Energy Consulting. The engineering group has four core business divisions: Energy & Electrical, Fire & Hydraulics, Building & Construction Services and Power Generation. This allows APEV to target multiple industry sectors, diversify revenue streams and reduce risk, while achieving economies of scale and a consistent customer experience through shared operations and support functions.

In line with MBH"s Agglomeration strategy the acquisition will be Earnings Per Share accretive. The consideration for this acquisition is subject to the finalisation of the audited financial statements for the financial year ending 31 July 2019. APEV"s management estimates that the earnings before interest and income tax (EBIT) for the year ending 31 July 2019 amounts to approximately SGD 10.3 million (GBP 5.8 million). As such, the final consideration for the acquisition will be in the range between SGD 45 million (GBP 26 million) and SDG 60 million (GBP 35 million) which includes the consideration payable on the net assets balance as at 31 July 2019.

100% of the consideration will be settled by way of issuance of shares in MBH Corporation plc. The share price was confirmed at EUR 1.47 based on the 30-day volume weighted average price immediately prior to 17 June 2019.



Information and Explanation of the Issuer to this News:

MBH Corporation plc is pleased to welcome APEV Ltd and their team as the third vertical of the group to sit alongside the Construction Services and Education verticals. This acquisition clearly shows MBH"s ambition to acquire great companies across multiple verticals and geographies.

Callum Laing, CEO of MBH Corporation plc: "I am very pleased to welcome Geoff and his team into the MBH group. What they have already achieved in such a short period of time, coupled with their ambitions for the future make this a very exciting addition to our group of companies. It also showcases the diversity in size, geography and industry that our Agglomeration model appeals to."

Geoff Lawrence, CEO of APEV: "This is a very exciting time for APEV, we have enormous potential and have proven we have the team to deliver great projects. Being part of a plc like MBH really gives us an added edge when it comes to accessing capital for infrastructure projects and developing power generation opportunities which will provide long term recurring revenue. The team and I are very optimistic about the next chapter and look forward to getting to know the other businesses in the group and maximising our combined potential."

About MBH

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, accretive acquisition of excellent companies.


Contacts for IR and media enquiries:

MBH Corporation plc, Charlotte Williams, charlotte@unity-group.com, +44 (0)770 396 3953

Kirchhoff Consult AG, Nicole Schüttforth, nicole.schuettforth@kirchhoff.de, +49 (0)40 609186 64

17-Jun-2019 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de

Language: English
Company: MBH Corporation Plc

Studio 7-9, Royal Patriotic Victoria Building, Joh

SW18 3SX London

United Kingdom
E-mail: fo@mbhcorporation.com
Internet: https://www.mbhcorporation.com/
Listed: Regulated Unofficial Market in Dusseldorf, Frankfurt
EQS News ID: 825365

End of Announcement DGAP News Service

825365  17-Jun-2019 CET/CEST

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