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18 Aug 2009 07:00
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18 August 2009Β
JAMES FISHER AND SONS PLC
Acquisition ofΒ MB Faber
James Fisher and Sons plc todayΒ announces the purchase of MB Faber Ltd (Faber) for up to Β£5.25 million in cash. The consideration consists of Β£4.0Β millionΒ net of cashΒ payable on completion with up to a further Β£1.25 million in March 2010, provided the EBITDA (earnings before interest tax depreciation and amortisation) for the year ended 31 December 2009, exceedsΒ Β£1.225 million.
Faber provides specialist electrical and engineeringΒ services to the nuclearΒ and aerospace industries. It will be integrated with James Fisher's existing nuclear decommissioning business, James Fisher Nuclear (JFN) which designs and builds remote handling devices for nuclear decommissioning. Faber is synergistic with JFN and will strengthen and give greater scale to James Fisher's existing nuclear decommissioning business.
Faber is based in Leyland, Lancashire, and has satellite operations close to Sellafield in Cumbria. It currently employsΒ 120 specialistΒ engineersΒ and has been in the nuclear business since 1988. Its turnover in 2008 was Β£6.8 million withΒ an EBITDA of Β£522,000 (after adjustment for nonrecurring items) and depreciation charge of Β£114,000. At 31 December 2008 it had net assets of Β£1.2 million.
Tim Harris, Chairman of James Fisher and Sons plc, said:
"Faber will strengthen our nuclear decommissioning team and business whichΒ has been performing strongly in recent times".
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 |
|
James Fisher Nuclear |
Paul Read |
Managing Director |
07831 553 719 |
|
EC Hambro Rabben & Partners |
Eivind Rabben Peter Donald |
020 7355 4100 |
|
|
Financial Dynamics |
Simon Elliott |
020 7269 9318 |
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