Last checked at 22 Mar 2017 07:00
22 March 2017
JAMES FISHER AND SONS PLC (FSJ.L)
ACQUISITION OF ROTOS 360 LIMITED
James Fisher and Sons Plc ("James Fisher") announces the acquisition of the entire share capital of Rotos 360 Limited ("Rotos360") for an initial consideration of £1.5m in cash, with potential further consideration of up to £5.0m subject to profit targets for the three years ending 31 December 2019.
Rotos360 uses the latest technological innovation to provide solutions in the inspection, repair and reconditioning of wind farm rotor blades, primarily in the offshore environment and was established in 2013 as part of a UK Government funded research project to reduce the cost of operation and maintenance of offshore wind turbines.
James Fisher has considerable expertise in the offshore renewables sector and is currently supporting the construction of the Galloper Wind Farm, located off the coast of Suffolk.
Nick Henry, Chief Executive Officer of James Fisher, said: "The acquisition of Rotos360 provides James Fisher with market leading capability in wind turbine blade repair, further broadening its offering in the growing offshore wind farm sector. We are delighted to welcome the Rotos360 team to the Group."
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 |
| 020 3727 1340 |