Business
Acquisition of Meininger
Acquisition of Meininger.
About this update from Harbour Energy Plc
[{"type":"text","content":"\n RNS Number : 0110X Holidaybreak PLC 30 November 2010 \n \n\nTuesday 30 November 2010: For immediate release\n \n \nHOLIDAYBREAK\n \nAcquisition of a 50% stake in student and school tour accommodation group Meininger\n \n \nHolidaybreak, the education, leisure and activity travel group, today announces that its subsidiary, PGL Travel Limited, has reached agreement to acquire a 50% stake in Meininger Holding GmbH, a leading German-based student and school tour accommodation group, from the executive directors who own the company: Nizar Rokbani, Oskar Kan and Sascha Gechter. These directors will continue to run the company, supported by the Education & Adventure Division.\nThe consideration for the 50% stake is €36.5m (£30.9m) and this may be subject to adjustment (but capped at €40.0m (£33.9m)) following finalisation of the audited accounts of Meininger Holding GmbH for the year ended 30 September 2010. Holidaybreak has the option to acquire the remaining shares in Meininger over the next two to three years.\nMeininger provides bespoke accommodation tailored specifically for school tours and youth groups and located close to the key city centre cultural locations in Germany, the UK and Austria. Headquartered in Berlin, it currently employs over 250 staff and operates a total of ten properties in Berlin, London, Vienna, Munich, Frankfurt, Cologne and Hamburg. The business has grown rapidly with four sites opening in the last three years increasing bed capacity by 60% to a total of 3,800 beds. A further five sites are expected to open in 2011 and Meininger will look to expand its offering to other key European school trip destinations as part of Holidaybreak's Education & Adventure Division.\nIn the calendar year 2009, the Meininger group had unaudited revenues of €16.0m (£13.6m) and unaudited EBIT of €5.1m (£4.3m). In the year to 30 September 2010, the Meininger group had unaudited revenues of €23.2m (£19.7m) and unaudited statutory EBIT of €8.3m (£7.0m) (adjusted EBIT of €7.3m (£6.2m)). Unaudited net assets of the Meininger group at 30 September 2010 were €10.0m (£8.5m). The sellers have since declared and paid a pre-completion dividend of €5.4m (£4.6m). Meininger is a strongly cash generative business.\nMeininger enjoys a relatively high visibility in bookings. As at 29 November 201...