MBH Corporation announces fourth acquisition for 2020
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August 3, 2020
MBH Corporation plc (MBH), a diversified investment holding company, announces its 14th acquisition, its fourth in 2020. GS Contracts (Joinery) Limited today joins MBH, further adding to the growing construction vertical
MBH’s construction services portfolio grows to five companies, with the 100% acquisition of GS Contracts (Joinery) Limited (GS Contracts), a specialist interior contractor with deep expertise in high end retail and hospitality fit outs and its own in-house manufacturing capabilities. GS Contracts provides services that include Design management; Project management; Fit out; Solid surfaces; and Bespoke manufacturing.
For the year ended 31 December 2019, GS Contracts generated revenues of £5.3m. This latest acquisition takes the pro-forma revenues of the MBH Group portfolio companies up to £86.8m based on the financial year 2019 results.
With their own in house production facilities, GS Contracts is able to reduce reliance on suppliers, and offer greater control to clients. As a tactical acquisition for Gaysha Limited, the team are looking to capitalise on this central facility to expand the provision of joinery services to construction firms and grow both companies further.
The estimated total consideration is approximately £1.7m.
Callum Laing, CEO of MBH Corporation plc commented: “The acquisition of GS Contracts represents an important moment at MBH and for the team at Gaysha, showing their ambition to grow through acquisition as well as organically. The companies within our construction portfolio have been hugely impressive in how they have faced the challenges the Covid-19 crisis has presented in their sector and we are excited to see what’s next for GS Contracts and Gaysha.”
Ian Elsey, CEO of Gaysha Limited said: “We are delighted to announce our acquisition of GS Contracts. After initially becoming involved with the business at the end of 2019, we have been working collaboratively to build on the already strong foundations set by the existing management team. The acquisition of GS Contracts gives us greater control of our supply chain as we look to capitalise on the in-house production and manufacturing expertise, coupled with our ability to now offer a full turn-key fit out and refurbishment solution to our clients across a multitude of industries.”
