Acquisition of GMC Produkt AS

RNS Number : 3059J

Fisher (James) & Sons PLC

29 March 2010

 



29 March 2010

JAMES FISHER AND SONS PLC

Acquisition of GMC Produkt AS

James Fisher and Sons plc (James Fisher) today announces the acquisition of the privately owned Stavanger based GMC Produkt AS (GMCP) for £11.5 million in cash with a further £0.3 million of net debt being assumed.

GMCP provides lifting equipment, cranes, winches and spooling, certification, maintenance and other related services to the Norwegian offshore, rig and oilfield services markets.  GMCP is complementary to Scan Tech AS, James Fisher's existing winch and bespoke lift equipment business, and offers potential synergies as well as strengthening and giving greater scale and a wider product range to its already established business servicing the Norwegian Offshore Sector.

GMCP, which is being sold by GMC Holding AS, is based in Stavanger, Norway and currently employs 30 people and is a long established market leader in its field.  Its turnover in the year to 31 December 2009 was £9.30million with pre-tax profits of £1.5 million and earnings before interest, taxation, depreciation and amortisation of £1.8 million. Gross assets were £5.4 million on 31 December 2009.

The transaction is subject to mandatory approval by the Competition Authority in Norway.

Tim Harris, Chairman of James Fisher, said:

"GMCP will strengthen our existing successful Stavanger based business and provide our customers with a wider range of lifting products and services ".

E C Hambro Rabben & Partners has acted as corporate adviser to James Fisher.

Contacts:

James Fisher and Sons plc	Tim Harris	Chairman	020 7614 9508
Scan Tech AS	Chris Stevens	Managing Director	00 47 51 545454
E C Hambro Rabben & Partners	Eivind Rabben Peter Donald		020 7355 4100
Financial Dynamics	Richard Mountain		020 7269 7186

 

END

 

 

ACQSEEFFAFSSEID