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 (£9.8m) in cash, with further future consideration of up to S$9.3m (£5.2m) subject to the successful completion of certain projects. The consideration is based on net cash held by Lexmar at acquisition of S$8.8m (£4.9m).
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 (£2.2m) and combined net assets were S$8.9m (£5.0m).
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 plc |
Nick Henry |
Chief Executive Officer |
020 7614 9508 |
EC Hambro Rabben & Partners |
Eivind Rabben Peter Donald |
|
020 7355 4100 |
FTI Consulting |
Richard Mountain |
|
020 3727 1340 |
