6 Mar 2013 07:00
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6 March 2013
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JAMES FISHER AND SONS PLC
ACQUISITION OF DIVEX LIMITED
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James Fisher and Sons plc today announces the purchase of Divex Limited (Divex) for an initial consideration of £20m in cash plus a further maximum additional consideration of £13m linked to future profitability targets.
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Divex is a leading supplier of diving equipment to the offshore oil industry and other sectors. It designs, assembles and distributes a broad range of diving products for commercial and military customers. Products range from diving helmets and breathing apparatus to large saturation diving systems and decompression chambers suitable for multi-occupancy. Divex is based in Aberdeen with operations in Australia, South Africa and Dubai and employs approximately 240 people.
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Derek Clarke and Doug Godsman the current Joint Managing Directors will continue with the business as will Doug Austin Managing Director Asia Pacific and Group Business Development Manager.
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The Company's turnover in the year ended 30 November 2012 was £34.2m with an EBITDA of £4.6m and depreciation charge of £0.5m. Net assets at the same date were £13.6m and gross assets £26.5m.
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Nick Henry, Chief Executive Officer of James Fisher and Sons plc, said:
"Divex is a market leader in diving equipment for the oil and gas, and defence sectors. It is also the global leader in the design of saturated diving systems, which is a growing market. We believe that it will fit well with our Group both in terms of its market, customers and geographical spread."
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E C Hambro Rabben & Partners has acted as corporate adviser to James Fisher and Sons plc
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Contacts:
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James Fisher and Sons plc | Nick Henry | Chief Executive Officer | 020 7614 9508 |
EC Hambro Rabben & Partners | Eivind Rabben Peter Donald | Â | 020 7355 4100 |
FTI Consulting | Richard Mountain | Â | 020 7269 7291 |
 | Sophie McMillan |  | |
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