Fisher (James) & Sons plc Acquisition of Hughes Sub Surface Engineering (8613G)
August 11 2016 - 2:00AM
UK Regulatory
TIDMFSJ
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 GBP9.0m in cash, with further
future consideration of up to GBP1.0m 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
GBP1.6m (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 Chief Executive 020 7614
Sons plc Nick Henry Officer 9508
------------------ --------------- ----------------- ---------
EC Hambro Rabben Eivind Rabben 020 7355
& Partners Peter Donald 4100
------------------ ---------------------------------- ---------
Richard
Mountain
Susanne 0203 727
FTI Consulting Yule 1340
------------------ ---------------------------------- ---------
This information is provided by RNS
The company news service from the London Stock Exchange
END
ACQEAKPEFEAKEFF
(END) Dow Jones Newswires
August 11, 2016 02:00 ET (06:00 GMT)