Embargoed for release
7am on [6 December 2017]
JAMES FISHER AND SONS PLC (FSJ.L)
ACQUISITION OF EDS HV GROUP LIMITED
James Fisher and Sons Plc ("James Fisher" or "the Group") announces the acquisition of the entire share capital of EDS HV Group Limited ("EDS") for an initial consideration of £9.0m in cash with potential further consideration of up to £5.6m subject to profit targets for the two years ending 30 September 2019.
EDS, headquartered in Rossendale, Lancashire, provides a complete range of high voltage engineering services to the renewables industry, covering the design and installation stages of new wind farm construction projects through to the subsequent monitoring-fault management, repair and maintenance of the operating assets. Adjusted earnings before interest, tax, depreciation and amortisation of EDS for the year ended 30 September 2017 were £1.8m, unaudited profit after tax was £1.2m and unaudited gross assets were £6.0m.
Nick Henry, Chief Executive Officer of James Fisher, said: "The acquisition of EDS provides James Fisher with sector leading high voltage engineering capability, further broadening the Group's offering to the offshore wind farm sector. We are delighted to welcome the EDS team to the Group."
EC 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 |
|
0203 727 1340 |
