Office furniture acquisition could push MFS Capital towards $300m

MFS Capital Partners plans to acquire Century Business Machines (CBM), a long-established supplier of office furniture, technology and stationery.

CEO Dino Hinds has projected a doubling of consolidated revenues once the transaction is completed. A review of MFS Capital’s recent financials alongside CBM’s business model suggests the target is arithmetically plausible, though execution risks remain.

The acquisition, announced at MFS Capital’s fourth annual general meeting on Thursday, is being pursued under a memorandum of understanding (MOU) signed on March 18 and remains subject to due diligence, final agreements and regulatory approvals.

For the six months ended December 2025, MFS Capital reported unaudited consolidated revenues of US$71.3 million, up 39 per cent year-on-year, driven mainly by foreign exchange trading gains and private credit income. For the full year ended June 2025, audited revenues totalled US$147.8 million.

Hinds’ revenue-doubling thesis rests on consolidation arithmetic. “If MFS Capital Partners currently does revenues of $10, and CBM is doing revenues of $10, then the consolidation would show $20,” he said. “That’s the expectation, that the revenues would double, unless something significant happens to erode either company’s revenues.”

CBM’s financials are not publicly disclosed. MFS describes it as a 44-year-old company with a corporate client base and a stable operating history in office supplies and furniture. There is another company with a similar name, CB Machine Services, but that firm focuses on cash registers and business machines.

Shared Services

MFS Capital’s integration strategy includes shared services across the group, aimed at lowering overheads. “Services that are not unique to any one company, such as financial control, HR and marketing, would fall into shared services upon completion,” Hinds said.

CBM will continue to operate from its existing facilities, while MFS retains its own corporate offices. Efficiency gains are expected to come from back-office rationalisation.

Price Undisclosed

Hinds declined to disclose the acquisition price, stressing that the transaction is still at the MOU stage and subject to due diligence. “We don’t really talk about that,” he said. “The acquisition is not completed. We have announced an MOU, and we’re going through a due diligence process. You wouldn’t be announcing prices until you’ve completed due diligence.”

Completion is targeted around the start of the new financial year, assuming no material issues arise.

Shareholder Outlook

According to Hinds, initial shareholder feedback following the AGM announcement has been positive. “The true test of how happy they are will be borne out when our first-quarter results come and we can see what our new numbers look like,” he said.

neville.graham@gleanerjm.com