Acquisition of Hughes Sub Surface Engineering

RNS Number : 8613G

Fisher (James) & Sons plc

11 August 2016

 

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 28^th 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

 

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