Home care provider Vista Care Solutions has agreed to go public and be acquired by MBH Corporation, a diversified investment holding company, becoming the corporation’s 26th group company as part of MBH’s healthcare vertical.
The total consideration for the acquisition is approximately £3.3-4 million which will be settled by way of convertible notes. 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 (that is, 12 months post completion date) or €0.80c per share.
The completion of the acquisition is subject to regulatory approval from city councils.
Vista Care stated that the deal will help its growth plans while allowing it to retain full control of the company and the brand. Directors Ali Sharif and Shakar Habib will remain in their positions with no changes to the management structure.
Vista Care was launched in 2018 as a home care agency and is registered to provide a wide range of services, including: personal care to people with a learning disability, autism spectrum disorder, sensory impairment, eating disorders, mental health challenges and issues with drugs and alcohol abuse.
The company trades as Sunlight Care Group and operates Sunlight Care Newham and Sunlight Care (Park View) where it operates a specialist residential care home for individuals with learning disabilities.
For the financial year ending 31 May 2021 Vista Care reported £3.3 million in revenue from contracts with city councils in Nottingham, Newham and Redbridge which makes up the company’s list of customers.
Vista Care stated it has growth targets that it is seeking to achieve organically by increasing bed count.
Ali and Shakar Sharif, owners of Vista Care Solutions, said: “As a team we couldn’t have hoped to find a better group than MBH to join. Their agglomeration model allows us to retain control of Vista and grow our business organically, whilst collaborating with and learning from some truly inspirational leaders across a whole range of sectors within the group. We look forward to seeing what we can achieve as part of the MBH family.”
Callum Laing, chief executive of MBH Corporation, added: “Care homes are integral to the British service economy and Vista Care represents the best of the sector with a future-facing and innovative offering that gives the people it cares for the best possible experience. We’re proud to welcome the team on board and look forward to taking the next steps to growth alongside them.”
MBH has utilised approximately €37 million of its bond programme leaving a balance of €13 million to be utilised if required. The number of shares so far is 73 million. Approximately 70% of MBH shares are owned by the principals in the group. To support the company, it is estimated that at least 40% of the principals are engaged in repeat monthly purchases of shares on-market.
Date published: August 19, 2021