The acquisition of Cambridgeshire-based 4X Limited Taxis (4X) by MBH Corporation PLC (MBH) has been completed in a complex deal, thanks to leading law firm Roythornes Solicitors.
4X is a well-established transport service that has an extensive fleet of more than 100 vehicles and long-standing contracts with the Ministry of Defence as well as a number of schools, hospitals, and local businesses.
London-based investment fund MBH acquired 4X to extend its transportation vertical and invest further in expanding the existing fleet. Following the acquisition, MBH will invest extensively into the taxi firm, transitioning to a fully electric fleet and introducing more streamlined booking and in-car marketing systems.
The deal saw Roythornes – a top 200 law firm based across the Midlands and East Anglia – complete a reverse merger listing, incorporating 4X into the MBH portfolio.
The deal was led by Roythornes’ corporate and commercial solicitor Matt Fowler, with the support of the employment and real estate teams. The real estate work largely involved the pre-sale restructuring of the property portfolio followed by a lease-back program post-completion, led by Roythornes’ national head of real estate, Bhavesh Amlani.
Matt said: “Advising on the strategic and legal complexities of a reverse merger listing was an intricate deal to broker but we are delighted with the outcome for both parties."
“The work primarily involved our corporate and real estate teams, as we were required to not only support the restructure of 4X ahead of the acquisition and subsequent listing on the German Stock Exchange, but also streamline its real estate portfolio and other asset holdings in the lead-up to the sale."
“4X is a long-standing client of ours, so we are therefore delighted to have supported them throughout this deal and really demonstrated our corporate and real estate expertise.”
Steve Woodham, managing director of 4X, said: “After a challenging year in the transport sector, we greatly appreciated Roythornes’ hard work and expert council, securing us a great deal with MBH. Matt and the rest of the team worked tirelessly day and night to make it happen."
“The listing will see an exciting new direction for 4X as MBH helps us to invest in both the local area and environment, transforming our services and moving towards a fully electric fleet. I look forward to seeing 4X go from strength to strength under the MBH transport vertical as the world emerges from lockdown.”