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James Fisher & Sons reveals brace of marine acquisitions

Adding businesses based in Rotherham and Saudi Arabia means an eclectic brace of acquisitions for James Fisher & Sons
acquisition
It will pay up to £17.6mln for the pair of deals

James Fisher & Sons plc (LON:FSJ) has announced a brace of marine services acquisitions, picking up Rotherham firm Martek for £9mln and 60% of Saudi Arabia-headquartered Murjan Al-Sharq for Marine Contracting LLC (MSMC) for up to £8.6mln.

Martek supplies safety and calibration systems and products to the marine sector – it reported a £1.8mln profit after tax last year (ended 28 February 2018), and, at that time, had £7.2mln of net assets.

READ: James Fisher issues steady as she goes trading update

“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,” said Nick Henry, James Fisher chief executive.

“We are very pleased to welcome Martek's team to the group and look forward to a successful future together."

MSMC provides nearshore marine construction and maintenance services. It had £1.4mln of profit in the year ended 31 December 2017, with £10mln of gross assets.

The company is initially paying £4.1mln in cash plus up to £4.5mln of further payments subject to profit targets in the present financial year (to 31 December 2019).

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