Fisher (James) & Sons plc ACQUISITIONS OF MARTEK AND MSMC (4305M)

TIDMFSJ

RNS Number : 4305M

Fisher (James) & Sons plc

08 January 2019

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 GBP9.0m, with potential further consideration of up to GBP1.0m 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 GBP1.8m and gross assets were GBP7.2m.

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 GBP4.1m in cash, with potential further consideration of up to GBP4.5m 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 GBP1.4m and unaudited gross assets were GBP10.0m. 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                        Chief Executive 
  plc                     Nick Henry           Officer           020 7614 9508 
 EC Hambro Rabben &       Eivind Rabben 
  Partners                 Peter Donald                          020 7355 4100 
                         -------------------------------------  -------------- 
 FTI Consulting           Richard Mountain                       0203 727 1340 
                         -------------------------------------  -------------- 
 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

END

ACQDDLFBKFFLBBX

(END) Dow Jones Newswires

January 08, 2019 02:00 ET (07:00 GMT)