MBH Corporation PLC (FRA:M8H OTCMKTS:MBHCF) has strengthened its transport arm with the acquisition of Cambridgeshire-based taxi business 4X, taking the number of acquisitions made by the Frankfurt-listed business to 25.
4X is a long-established company, said MBH, with a fleet of more than 100 vehicles and contracts with local schools, hospitals, prisons and local businesses.
These contracts have generated a steady revenue during the pandemic with revenues in the year to July 2020 £1.8mln and underlying profits [EBIT] of £0.2mln.
The business is also well-placed to benefit as the country emerges from lockdown, said MBH.
The 4X business will be part of Take Me [Formerly ADT Taxis] as a tactical acquisition following MBH acquiring Take Me in 2020.
.4X is also making an important commitment to the environment by taking a proactive approach to replace any cars [that are currently being rented] from petrol/diesel to energy-efficient electric models.
It is also offering driver incentives for switching to EV cars. MBH added.
The total consideration is £1mln to £1.4mln, which will be settled by a listed bond in accordance with the MBH bond programme.
Steve Woodham, 4X managing director, said: “This is a pivotal moment for 4X as the team looks to evolve and grow under new leadership from Take Me to meet new challenges after an extremely testing year.
Callum Laing, MBH Corporation’s chief executive, added: “We’re delighted to expand our transportation vertical and welcome 4X onboard.
“We have been hugely impressed with their proactive solutions to the challenges presented over the past 12 months, plus their commitment to EV and environmental concerns.”