Last checked at 8 Jan 2019 07:00
8 January 2019
JAMES FISHER AND SONS PLC (FSJ.L)
ACQUISITIONS OF MARTEK AND MSMC
James Fisher and Sons plc ("James Fisher" or "the Group") announces the acquisition of the entire share capital of Martek Holdings Limited ("Martek") and, separately, the acquisition of 60% of the share capital of Murjan Al-Sharq for Marine Contracting LLC ("MSMC").
Martek
James Fisher has acquired the entire share capital of Martek for an initial net cash consideration of £9.0m, with potential further consideration of up to £1.0m subject to a profit target for the year ending 28 February 2020.
Martek was founded in Rotherham in 2000 and provides a range of innovative safety and calibration systems and products to the marine sector. Unaudited profit after tax, of Martek for the year ended 28 February 2018 was £1.8m and gross assets were £7.2m.
Nick Henry, Chief Executive Officer of James Fisher, said:
"The acquisition of Martek further enhances James Fisher's capability to offer innovative solutions to the marine sector and provides a proven channel to market for the Group's adjacent products and services. We are very pleased to welcome Martek's team to the Group and look forward to a successful future together."
MSMC
James Fisher has acquired 60% of the share capital of MSMC for an initial consideration of £4.1m in cash, with potential further consideration of up to £4.5m subject to profit targets for the year ending 31 December 2019.
MSMC, which was established in 2010 by Abdullah Akbar Natheer and is headquartered in Al Khobar, Kingdom of Saudi Arabia, provides near shore marine construction and maintenance services. Audited profit after tax of MSMC for the year ended 31 December 2017 was £1.4m and unaudited gross assets were £10.0m. The 40% minority interest of MSMC has been retained by Mr Natheer who James Fisher will work with to grow MSMC and secure a leadership position in its chosen markets.
E C Hambro Rabben & Partners 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 |
| 0203 727 1340 |