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10 February 2015
James Fisher and Sons plc announces today the acquisition of the National Hyperbaric Centre Limited, based in Aberdeen, Scotland.
The initial consideration is £3.5m in cash plus a potential £1.0m earn out based on specific future contracts undertaken post completion and prior to 31 March 2016.
NHC operates hyperbaric testing chambers which are used for testing equipment for the subsea industry. Its services include reception of personnel for decompression, subsea equipment testing, training services to the diving industry and hyperbaric welding trials to customers worldwide. It also operates a hyperbaric chamber for patients of the NHS Grampian.
Mr. David Smith the current owner and managing director will step down as managing director and all other employees will remain with the business. NHC will become a division of JFD, which was formed by the merger of JF Defence and JF Divex in 2014.
EBITDA (earnings before interest, taxation, depreciation and amortisation) of the continuing business of NHC were £1.0m for the year ended 31 December 2013. Net assets being assumed in the transaction are £1.2m and gross assets £3.2m.
Mike Howarth, managing director of JFD, said: "I am delighted with the acquisition of NHC, which further extends our range of services to the subsea industry and consolidates our world leading position in the design, manufacture, testing and operation of hyperbaric reception facilities and other subsea equipment."
EC Hambro Rabben & Partners has acted as corporate adviser to James Fisher and Sons Plc.