Fisher (James) & Sons plc ACQUISITIONS OF MARTEK AND MSMC (4305M)
January 08 2019 - 1:00AM
UK Regulatory
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 rns@lseg.com or visit www.rns.com.
END
ACQDDLFBKFFLBBX
(END) Dow Jones Newswires
January 08, 2019 02:00 ET (07:00 GMT)
Fisher (james) & Sons (LSE:FSJ)
Historical Stock Chart
From Apr 2024 to May 2024
Fisher (james) & Sons (LSE:FSJ)
Historical Stock Chart
From May 2023 to May 2024