MBH Corporation Plc Acquires Approved Air Ltd in the UK

LONDON, UK – EQS Newswire – 5 November 2021 – MBH Corporation plc (MBH), a diversified investment holding company, has today announced it has agreed to the terms for the acquisition of Approved Air Ltd in the UK, as the most recent step in its extensive acquisition drive. Subject to regulatory approval, Approved Air will be part of MBH’s Engineering vertical business line.

With this acquisition and the continued diversification of companies becoming part of the MBH Corporation, the MBH portfolio now stands at 27 companies across 8 industry sectors and five countries.

Established by David Williams in 1998 as DWCS in Somerset, UK, and becoming Approved Air in 2010, the company provides high quality validation/verification testing of medical facilities to ensure compliance with Health Technical Memorandums [HTM’s] and as independent specialists gives objective assessments and supports with improvement plans to keep both patients and staff safe. Specific services include particle counting, duct dust sampling, CO & CO2 monitoring, active air sampling and temperature & humidity testing amongst other essential services.

Within healthcare establishments, with the life expectancy of buildings and equipment forever being extended, there is a need for more robust monitoring and management of systems and processes to keep patients and staff safe. Having partnered with several NHS Trusts over many years, Advanced Air delivers a safe and efficient service with the flexibility required within an NHS Trust environment.

Approved Air’s unaudited revenues for full year 2021 were GBP1.7m. The total consideration for the acquisition of Approved Air will be approximately GBP2.7m to GBP3.4m which will be settled by way of a listed bond in accordance with the MBH bond programme with the following terms:

• 5-year maturity with principal payable at maturity; and
• 5% coupon rate per annum payable semi-annually

David Williams, Director, Approved Air commented: “Becoming part of MBH and a PLC is a logical and exciting next move for us. We are operating in an important area that has had further light thrown on it from the on-going global pandemic situation. Becoming part of the MBH Corporation should allow us to be even more successful in winning important contracts with healthcare establishments”.

Callum Laing, CEO, MBH Corporation Plc, said: “Not only am I pleased to welcome such a successful company as Approved Air to the MBH Corporation, but it’s also particularly satisfying to welcome a company that is involved in such important work to support healthcare establishments across the UK. David and Caroline Williams and their team have an exciting future ahead”

Bond Programme and Number of Shares on Issue

MBH has utilised approximately EUR35m of its bond programme leaving a balance of EUR15m to be utilised if required.

The number of shares issued at the date of this release is 80.7 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 Group Principals are engaged in repeat monthly purchases of shares on-market.