MET acquires fourth German bus business

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GERMANY Marwyn European Transport plc (MET), a subsidiary of Marwyn Management Partners plc (MMP), has acquired the contracted bus services of Norbert Welter GmbH, the German transportation business.

The acquisition incorporates gross assets of Euro 0.45m.

Welter operates 37 vehicles providing contracted services in an area close to the City of Koblenz in the Rhineland-Palatinate region. In 2011

Welter generated unaudited revenue of €1.6m. Welter will be integrated into MET’s existing subsidiary Axel Tücks GmbH, which was acquired by MET in July 2011.

Following the completion of Welter, MET’s fourth acquisition in the German bus sector, MET now operates a fleet of over 280 vehicles on bus operations.

In the first three months of 2012, MET has also won three new or expanded contracts which will add 17 buses and €1m of pro forma revenue per annum. These contracts include the operation of public services in the Heidelberg area from April and new school and related transport services in the Overath and Eifel areas from August. This will take the total MET fleet size to around 300 vehicles.

David Leeder, Chief Executive Officer of MET, said: “The acquired business has an excellent local reputation and represents a close fit with our existing operations.”

Mark Watts, Executive Director of MMP, said: “With the completion of this acquisition the MET management team has successfully demonstrated the delivery of another component of their core strategy – in this instance delivering a bolt-on acquisition at an attractive multiple with the opportunity to generate local operating synergies.”