LONDON, UK / ACCESSWIRE / August 19, 2021 / MBH Corporation plc (MBH), a diversified investment holding company, today has announced it agreed to the terms for the acquisition of Vista Care Solutions Limited (Vista Care) as the latest step in its extensive acquisition drive. The completion of this acquisition is subject to regulatory approval for the proposed change of ownership from UK city councils. Upon receiving approval, Vista Care will become part of MBH's health vertical, joining Samuel Hobson House.
MBH added four new industry verticals alone in 2020 as part of a concerted acquisition drive which is continuing in 2021 with Vista care becoming the 26th company in the Group portfolio.
MBH is adding to its portfolio today and driving further diversification with the acquisition of Vista Care. As a result, the MBH portfolio now stands at 26 companies across eight industry sectors and five countries.
Vista Care was launched in 2018 as a home care agency provider across the UK registered to provide personal care to people with a learning disability, autism spectrum disorder, sensory impairment, people with an eating disorder, mental health and people who face issues with drug and alcohol misuse. Vista Care trades as 'Sunlight Care Group' and operates Sunlight Care Newham and Sunlight Care (Park View) where it operates a specialist residential care home for individuals with learning disabilities.
Their unaudited revenues for the financial year ended 31 May 2021 totalled GBP3.3 million from contracts with city councils in Nottingham, Newham and Redbridge who make up the company's list of customers.
Vista Care has a clear set of growth targets that it is looking to achieve organically by increasing bed count, in implementing their growth plans they have also set out a clear ESG policy covering their environmental impact, the design and technology of their services and the recording and reviewing of their progress.
The total consideration for the acquisition of Vista Care will be approximately GBP3.3m to GBP 4.0m which will be settled by way of convertible notes which will convert into MBH shares at the lower of the 30 day volume weighted price preceding the conversion date or EUR0.80c per share.
Ali & Shakar Sharif, Owners, Vista Care Solutions, commented : "As a team we couldn't have hoped to find a better group than MBH to join. Their agglomeration model allows us to retain full control of Vista and grow our business organically whilst collaborating with and learning from some truly inspirational leaders across a whole range of sectors within the group. We look forward to seeing what we can achieve as part of the MBH family."
Callum Laing, CEO, MBH Corporation Plc, said: 'Care homes are integral to the British service economy and Vista Care represents the best of the sector with a future facing and innovative offering that gives the people it cares for the best possible experience. We're proud to welcome the team on board and look forward to taking the next steps to growth alongside them.'
Bond Programme and Number of Shares on Issue
MBH have utilised approximately EUR37m of its bond programme leaving a balance of EUR13m to be utilised if required.
The number of shares issued at the date of this release is 73 million.
Approximately 70% of MBH shares are owned by the Principals in the Group. To further support the company, it is estimated that at least 40% of the Principals are engaged in repeat monthly purchases of shares on-market.
The Board is currently reviewing Executive Share Ownership Guidelines to ensure that executive board members now and in the future are also fully aligned with all other shareholders.
About Vista Care Solutions
Vista Care provides the following services;
- Care at Home: helping people live independently in their own home
- Mental Health Services
- Youth, Children and Young People Services
- Parental Support Services
- Supported Living Services
- Residential Care - Park View
Vista Care operates on strict quality assurance standards including; ISO9001 Quality Assurance, ISO14001 Environmental, ISO45001 Health and Safety, and ISO 27001 Information Security.
Website : https://www.sunlightgroup.co.uk/
About MBH
MBH Corporation plc (M8H:GR) is a diversified investment holding company, listed on the Frankfurt and Dusseldorf Stock Exchanges and the OTCQX in New York (MBHCF). 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.
www.mbhcorporation.com
Contacts for IR and media enquiries:
- MBH Corporation plc, Charlotte Williams, [email protected], +44 (0)770 396 3953
- Perception A, Phil Anderson & Charlie Nelson, [email protected] , +44 (0)776 749 1519
SOURCE: MBH Corporation Plc