MBH CORPORATION PLC

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MBH : FURTHER BOOSTS ITS EDUCATION VERTICAL WITH ACQUISITION OF LEARNING WINGS PTE LTD.

06/30/2020 | 04:50am EDT

DGAP-News: MBH Corporation Plc / Key word(s): Acquisition
MBH CORPORATION PLC FURTHER BOOSTS ITS EDUCATION VERTICAL WITH ACQUISITION OF LEARNING WINGS PTE LTD.

30.06.2020 / 10:45
The issuer is solely responsible for the content of this announcement.


MBH CORPORATION PLC FURTHER BOOSTS ITS EDUCATION VERTICAL WITH ACQUISITION OF LEARNING WINGS PTE LTD.

London, 30 June 2020, MBH Corporation plc (MBH), a diversified investment holding company, announces its 13th acquisition, taking the next step in its growth strategy for 2020 and widening the geographical reach of its education vertical.

MBH is expanding its portfolio even further with the 100% acquisition of Learning Wings Pte Ltd (Learning Wings), one of Singapore's leading education companies, serving non-profit organisations and schools across the republic of Singapore. Learning Wings will sit within MBH's education vertical, to date, the organisation's largest vertical, now comprising six companies serving the education and training sector.

For the year ended 31 December 2019, Learning Wings generated revenues of SGD0.8m (about GBP0.5m). This latest acquisition takes the pro-forma revenues of the MBH Group portfolio companies up to GBP81.5m in the financial year 2019.

Learning Wings is a highly stable business, having launched in 2000 to later become a leader in its field having worked with over 680,000 students in 138 primary schools. The business provides well-recognised education programmes, which include Speech & Drama, Phonics, English, Math, Entrepreneurship and Life/Personal Skills.

The estimated total consideration is approximately SGD1.4m (which includes the acquisition of a commercial property worth approximately SGD0.4m). The consideration will be finalised once the 31 December 2019 audit has been completed.

Convertible notes will be used to settle the purchase consideration. At the date of conversion, the convertible note will convert into MBH shares at the lower of the 30 day volume weighted price preceding the conversion date or EUR 1 per share. This acquisition is subject to regulatory approvals from the Ministry of Education, Singapore.

Within MBH's education vertical, Learning Wings will reside under Acacia Training Limited to help boost their international expansion plans as this represents their first global acquisition.

Victoria Sylvester, Managing Director of Acacia Training Limited commented: "We are really excited that Learning Wings is joining the group as part of Acacia Training's tactical acquisition strategy. Being our first company outside of the UK to join our team, we are looking forward to continuing our future plans to explore the opportunities that will be created by widening our business community in the education vertical."

Callum Laing, CEO of MBH Corporation plc, added: "Further growth within the education sector has been a large part of our plan for some time and we're particularly pleased to help the team at Acacia realise their ambitions for establishing a footprint outside of the UK. Learning Wings is a strong business with an incredible depth of experience and knowledge that will serve Acacia and our wider group well."

Gabriel Goh, Director of Learning Wings, commented: "It is exciting for Learning Wings to join MBH and find synergy among like-minded entrepreneurs and businesses on the other side of the world. Learning Wings has matured over two decades and this marks the beginning of an exciting chapter for us. Joining MBH gives us added credibility to our clients and partners and we intend to leverage on MBH as a growth platform to expand with a 2-prong approach: via M&A as well as organically, in particular our online initiative. This COVID-19 situation has shown us how we can take our large number of physical classes online and capitalise on this new normal."


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 bfd 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

About Learning Wings
Learning Wings was established in 2000, serving children in the Primary and Pre-school levels in Singapore. Having partnered with Singapore Ministry of Education schools and non-profit organization, the company has worked with over 680,000 students in over 138 primary schools.
https://learningwings.com.sg/

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
Perception A, Phil Anderson & Charlie Nelson, phil@perceptiona.com, +44 (0)776 749 1519
 



30.06.2020 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

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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/
ISIN: GB00BF1GH114
WKN: A2JDGJ
Listed: Regulated Unofficial Market in Dusseldorf, Frankfurt
EQS News ID: 1081291

 
End of News DGAP News Service

1081291  30.06.2020 

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