Fisher (James) & Sons plc Acquisition of Lexmar (7555F)
01 August 2016 - 7:00AM
UK Regulatory
TIDMFSJ
RNS Number : 7555F
Fisher (James) & Sons plc
01 August 2016
1 August 2016
JAMES FISHER AND SONS PLC (FSJ.L)
ACQUISITION OF LEXMAR
James Fisher ("James Fisher" or the "Group") announces the
acquisition of the entire share capital of Lexmar Engineering Pte
Limited and Lexmar Sat Systems Pte Limited (together "Lexmar").
The initial consideration is S$17.5m (GBP9.8m) in cash, with
further future consideration of up to S$9.3m (GBP5.2m) subject to
the successful completion of certain projects. The consideration is
based on net cash held by Lexmar at acquisition of S$8.8m
(GBP4.9m).
Founded in Singapore in 1996, Lexmar is a specialist provider of
service and support of diving equipment and saturated diving
systems. The business is completing three 18 man twin bell
saturation diving systems and is complementary to JFD, within our
Specialist Technical division. Lexmar's profit after taxation for
the year ended 31 December 2015 was S$3.9m (GBP2.2m) and combined
net assets were S$8.9m (GBP5.0m).
Nick Henry, Chief Executive Officer of James Fisher, said: "The
acquisition of Lexmar will strengthen our specialist diving
equipment services and is well located to access the strategically
important Asia Pacific region. We are delighted to welcome Lexmar
to the Group."
E C Hambro Rabben & Partners has acted as corporate adviser
to James Fisher and Sons plc.
Contacts:
James Fisher and Sons Chief Executive
plc Nick Henry Officer 020 7614 9508
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EC Hambro Rabben & Eivind Rabben
Partners Peter Donald 020 7355 4100
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FTI Consulting Richard Mountain 020 3727 1340
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This information is provided by RNS
The company news service from the London Stock Exchange
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