Last checked at 29 Mar 2010 07:00
29 March 2010
JAMES FISHER AND SONS PLC
Acquisition of GMC Produkt AS
James Fisher and Sons plc (James Fisher) today announces the acquisition of the privately owned Stavanger based GMC Produkt AS (GMCP) for £11.5 million in cash with a further £0.3 million of net debt being assumed.
GMCP provides lifting equipment, cranes, winches and spooling, certification, maintenance and other related services to the Norwegian offshore, rig and oilfield services markets. GMCP is complementary to Scan Tech AS, James Fisher's existing winch and bespoke lift equipment business, and offers potential synergies as well as strengthening and giving greater scale and a wider product range to its already established business servicing the Norwegian Offshore Sector.
GMCP, which is being sold by GMC Holding AS, is based in Stavanger, Norway and currently employs 30 people and is a long established market leader in its field. Its turnover in the year to 31 December 2009 was £9.30million with pre-tax profits of £1.5 million and earnings before interest, taxation, depreciation and amortisation of £1.8 million. Gross assets were £5.4 million on 31 December 2009.
The transaction is subject to mandatory approval by the Competition Authority in Norway.
Tim Harris, Chairman of James Fisher, said:
"GMCP will strengthen our existing successful Stavanger based business and provide our customers with a wider range of lifting products and services ".
E C Hambro Rabben & Partners has acted as corporate adviser to James Fisher.
Contacts:
| James Fisher and Sons plc | Tim Harris | Chairman | 020 7614 9508 |
| Scan Tech AS | Chris Stevens | Managing Director | 00 47 51 545454 |
| E C Hambro Rabben & Partners | Eivind Rabben Peter Donald |
| 020 7355 4100 |
| Financial Dynamics | Richard Mountain |
| 020 7269 7186 |