Acquisition of Lexmar

RNS Number : 7555F

Fisher (James) & Sons plc

01 August 2016

 

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

 

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