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MBH Corporation acquires second health care provider

"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," said MBH boss Callum Laing

MBH Corporation PLC -

MBH Corporation PLC (FRA:M8H, OTCQX:MBHCF, ETR:M8H) has agreed its second acquisition in the health care sector, with the purchase of UK home care agency provider Vista Care Solutions.

It is the company’s fifth purchase of the year and its 17th since the start of 2020.

Vista Care, which includes Nottingham, Newham and Redbridge city councils among its clients, generated unaudited revenues for the year to 31 May 2021 of £3.3mln.

MBH will pay a total consideration for the acquisition of between £3.3-4mln, 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 €0.80 per share.

The addition of Vista Care expands MBH’s health vertical, following the acquisition early in 2020 of Samuel Hobson House, a care home based in Newcastle-under-Lyme.

The company highlighted that Vista Care is looking to grow by increasing bed count, but also bearing in mind environmental impact, the design and technology of their services and recording and reviewing progress.

MBH chief executive Callum Laing added: “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.”

MBH have used roughly €37mln of its bond programme for acquisitions so far, leaving a balance of €13mln still spare if required.

So far, 73mln shares have been issued, with roughly 70% of MBH shares owned by the principals of each subsidiary company in the group. 

The company estimated that at least 40% of the principals are engaged in repeat monthly purchases of shares on-market and the board said it 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”.

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