- MBH Corporation plc ("MBH") executed the Share Purchase Agreement to purchase the entire issued share capital of Corsora Ltd ("Corsora") today.
- MBH Corporation plc to offer the shareholder a total consideration of EUR 12,470,249.
- In addition, the acquisition terms include an earn-out consideration for the shareholders of Cape Ltd, subject to certain performance criteria.
- The transaction will require the creation of 12,470,249 new ordinary shares.
- For the year ended 31 March 2018, Corsora recorded revenue of NZD 29.7m (GBP 16.0m) and an EBITDA of NZD 2.2m (GBP 1.2m).
- The acquisition commences the expansion strategy of MBH Corporation plc to add profitable and well-managed private businesses to the Property Services sector of MBH.
MBH Corporation plc ("MBH") entered into a share purchase agreement with Corsora Ltd ("Corsora") today for the acquisition of a 100% stake in Corsora, a limited liability company incorporated under the laws of the United Kingdom, together with its wholly owned subsidiary, Cape Ltd ("Cape") This transaction was agreed with the purchase price of EUR 12,470,249.
Corsora is a vertically-Integrated Global Property Services Provider, with services in the design implementation and commercial interiors industry in New Zealand, with the strategy to expand the group and provide more services across the property sector, including Construction, Project Management, Real estate investments and development sectors. Cape is the cornerstone company for this vertical focusing on expansion in Australia and New Zealand.
Founded in 2005 and based in Auckland, New Zealand, Cape is one of the top 3 profitable independent firms providing a full suite of services including project management, resource procurement, and administration. Recently Cape has engineered organic growth and market share in the New Zealand market and seeks to expand its operations beyond its home market into Australia, and scale either through partnerships or acquisition.
Cape's Founder and Director, David Howes, is a quantity surveyor who was born in Cape Town. After studying at University of Cape Town ("UTC") he worked for two small, mainly residential construction companies that included an 18 month stint in London. He set up David Howes Construction in Cape Town which he ran successfully for just under 5 years specialising in large residential alterations and refurbishments, but also carrying out new builds, including a major 18 month build. In early 2001 he relocated to New Zealand with his family.
He spent 4 years as a contracts manager at a leading construction company in Auckland and was instrumental in setting up and growing their interior division. In March 2005 he left and set up Cape Interiors.
The acquisition commences MBH's strategy of acquiring established and profitable companies and Cape will be the cornerstone company for the Property Services vertical. The parties have agreed on the confidentiality of the conditions and terms of the acquisition.
About MBH Corporation PLC
MBH Corporation PLC is a diversified investment holding company, listed on the Börse Düsseldorf/ Dusseldorf Stock Exchange. The company focus is acquiring small to medium enterprises across multiple geographies and sectors that are well established, profitable, and looking for resources to scale.
Through leveraging the resources of the group, MBH is able to offer shareholders an investment strategy which focuses on industries and companies that are due for consolidation and primed for substantial growth.
For more information, please visit: www.mbhcorporation.com (end)