Marwyn European Transport Acquisition Of Publicexpress

Marwyn European Transport has acquired Publicexpress, the German intercity express bus business.

The total consideration of €280,000 is payable by the issue of 190,000 MET ordinary shares and €50,000 in cash. On completion MET also assume net debt of circa €205,000. Christoph Marquardt, the founder of PX, will retain a 5% equity ownership in the PX holding company.

PX currently operates a single licenced route connecting cities in Northern Germany with The Netherlands. In the year ended 31 December 2010, PX generated unaudited revenue of circa €0.8m. Caroline Teo, Director, Truly Excellent Outcomes Ltd, advised MET on the state of readiness for growth, of PX’s online sales platform on the deal, she explains: “This involved evaluating the website and booking engine, understanding likely commercial and revenue management strategies, researching customer booking behaviour, assessing emerging technologies and market testing.

It was a collaborative effort which went smoothly, thanks to timely and pertinent contributions throughout from Publicexpress and MET representatives in Germany and London.”