Last checked at 11 Aug 2016 07:00
11 August 2016
JAMES FISHER AND SONS PLC (FSJ.L)
ACQUISITION OF HUGHES SUB SURFACE ENGINEERING
James Fisher ("James Fisher" or the "Group") announces the acquisition of the entire share capital of Hughes Marine Engineering Limited, the holding company of Hughes Sub Surface Engineering Limited ("Hughes Sub Surface").
The initial consideration is £9.0m in cash, with further future consideration of up to £1.0m subject to certain profit targets being met by 28th February 2017. Hughes Sub Surface's profit before taxation for the 12 months to end April 2016 was £1.6m (unaudited).
Hughes Sub Surface was founded in Liverpool in 2005 to provide commercial diving and civil engineering services to underwater projects. The business operates in the marine renewables, power generation, oil and gas, and inshore civil engineering sectors.
Nick Henry, Chief Executive Officer of James Fisher, said:
"The operations of Hughes Sub Surface are complementary to those of James Fisher and, combined, they will broaden our range of services to the market, particularly to the renewable energy industry offshore. We are delighted to welcome all our new colleagues to the Group and look forward to working with them."
E C Hambro Rabben & Partners has acted as corporate adviser to James Fisher and Sons plc.
Contacts:
James Fisher and Sons plc | Nick Henry | Chief Executive Officer | 020 7614 9508 |
EC Hambro Rabben & Partners | Eivind Rabben Peter Donald | 020 7355 4100 | |
FTI Consulting | Richard Mountain Susanne Yule | 0203 727 1340 |