MBH Corporation makes two more acquisitions
MBH Corporation (MBH) has continued its acquisition strategy with its 6th and 7th acquisition of 2020. Another EPS accretive deal, US based companies ‘Meeting of the Minds’ and ‘Everyday Realty Services’ bring MBH’s portfolio of companies to 17, and at the same time establish a new property vertical for the group.
MBH Corporation plc today establishes a new property vertical within their portfolio with the 100 per cent acquisition of their first US based companies,Meeting of the Minds and Everyday Realty Services.
Meeting of the Minds (MOTM) was established 12 years ago and has grown to become the largest real estate investor association and investor mentoring programme in New York.
Everyday Realty Services (ERS), a real estate brokerage and commercial funding company, trades under the Exit realty franchise and Everyday Funding brands.
For the year ended 31 December 2019, MOTM and ERS generated consolidated revenues of USD1.23 million. This latest acquisition takes the pro-forma revenues of the MBH Group portfolio companies up to GBP85.5m based on its financial year 2019 results.
The total consideration for the two companies is estimated to be between USD2.9 million to USD3.5 million. The majority of the consideration will be paid fully in unlisted bonds in MBH Corporation plc and would convert to listed bonds upon completion of audited accounts. The terms of the listed and unlisted bonds are as follows:
• 5 year terms and principal payable on maturity
• 5 per cent interest per annum payable semi-annually
Both entities are headed by CEO Melissa J Shea. Shea has been a real estate investor and business owner since 2005 and in that time has led over 500 renovation projects and brokered over US$100 million in real estate transactions. Additionally, Melissa has mentored over 150 investors and is director of not for profit ‘clear the way supportive housing’, helping to provide emergency shelters and affordable housing especially for abused victims of domestic violence and those with disabilities.
Melissa Shea, CEO, Meeting of the Minds and Everyday Realty, says: “The opportunity to join MBH as their first US companies is hugely exciting for us and I am also looking forward to heading up the new property vertical for the group. Our companies, Meeting of the Minds and Everyday Realty Services, believe in empowering and educating families to gain financial independence through real estate. I have always enjoyed how real estate has a positive impact on the lives of families and I can see how MBH’s Agglomeration model shares the same values and can change the lives of business owners and their families. We are now looking forward to the future with MBH and having other US companies be a part of the agglomeration model."
Callum Laing, CEO, MBH Corporation, says: “These two companies are strongly established in their fields and represent exciting growth businesses in the highly competitive US Real Estate market. We look forward to working with Melissa and her team who are very aligned with the MBH values of Trust, Collaboration and Velocity. We certainly embrace their ambition to grow through acquisition in this pivotal moment in the economy and they have an exciting pipeline already identified. In addition, back in Europe, we welcome Stan Patey as non-exec to board of MBH.”