MBH Corporation PLC (OTCQX:MBHCF, ETR:M8H) has agreed to the terms for the acquisition of UK-based Approved Air Ltd, taking its portfolio to 27 companies across 8 industry sectors and five countries.
Established by David Williams in 1998, Approved Air provides validation/verification testing of medical facilities to ensure compliance with Health Technical Memorandums [HTMs].
Specific services include particle counting, duct dust sampling, CO & CO2 monitoring, active air sampling and temperature & humidity testing amongst other essential services.
The group, which has partnered with several NHS Trusts over many years, generated unaudited revenues for its latest full-year (2021) of £1.7mln.
The total consideration will be £2.7mln to £3.4mln to be settled by way of a listed bond in accordance with the standard MBH programme.
MBH added the acquisition is expected to add a further £1.7m in revenue and £430,000 in underlying profit [EBIT] each year while strengthening the engineering vertical
David Williams said: "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 ongoing global pandemic situation.
“Becoming part of the MBH Corporation should allow us to be even more successful in winning important contracts with healthcare establishments”.