Last checked at 22 Jan 2010 07:00
Friday 22 January 2010
JAMES FISHER AND SONS PLC
Acquisition of Australian Commercial Marine
James Fisher and Sons plc today announces the purchase, by its subsidiary FenderCare Marine Solutions Ltd, of the business and property leases of Australian Commercial Marine Pty Ltd ("ACM" or the "Company"), Perth, Western Australia for a total consideration of £3million in cash.
ACM, a family owned company, is a leading local provider of marine equipment to the commercial shipping, port and offshore industries in Western Australia. Products supplied include fenders, anchors, navigation buoys, mooring equipment, ropes and other marine related products. FenderCare intends to overlay and expand ACM's activities in Australia with its own product range and services, which it has already successfully introduced in Singapore and elsewhere in the Asia Pacific region.
The business of ACM is being purchased for £1.7million as a business transfer of assets and stock. For the year to 30th June 2009 the Company reported turnover of £2.8million, net profit before tax of £128,000 and had fixed assets and stock of £1.0m. After adjusting for items which will not recur post acquisition, including remuneration to the owners, the Company generated EBITDA of £314,000 in the same period. Long term leases on the waterfront offices, warehousing and yard space used by the Company and rented to third parties, covering a total of 3,437 square metres, are being purchased for an additional £1.3million.
The acquisition is subject, amongst other matters, to the approval of the Minister for Transport, Western Australia, to the assignment of the leases.
Tim Harris, Chairman of James Fisher and Sons plc, said:
"This acquisition is a continuation of FenderCare's successful geographic expansion in the Asia Pacific region. We expect FenderCare's experience in the ports, shipping and offshore sectors to be particularly beneficial in the fast growing Western Australian market"
E C Hambro Rabben & Partners has acted as corporate adviser to James Fisher and Sons plc
Contacts:
| James Fisher and Sons plc | Tim Harris | Chairman | 020 7614 9508 |
| FenderCare Marine Solutions | Eric Plane | Managing Director | 01508 482 691 |
| EC Hambro Rabben & Partners | Eivind Rabben Peter Donald | 020 7355 4100 | |
| Financial Dynamics | Richard Mountain | 020 7269 7186 |