ACQUISITION OF DIVEX LIMITED

RNS Number : 3060Z

Fisher (James) & Sons plc

06 March 2013

 

6 March 2013

JAMES FISHER AND SONS PLC

ACQUISITION OF DIVEX LIMITED

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.

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.

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.

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.

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."

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 7269 7291
	Sophie McMillan

 

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