- James Fisher Renewables secures high voltage safety management commissioning contract from Iberdrola’s Baltic Eagle offshore wind farm
- James Fisher Renewables strengthens operations in Asia Pacific through appointment of regional VP
- James Fisher and Sons plc announces sale of James Fisher NDT Ltd to IRISNDT Ltd.
- Appointment of non-executive director
16 January 2019
Acquisitions of Martek and MSMC
James Fisher announces the acquisition of Martek Holdings Limited (Martek) and separately, the acquisition of 60% of the share capital of Murjan Al-Sharq for Marine Contracting LLC (MSMC).
James Fisher has acquired the entire share capital of Martek for an initial net cash consideration of £9.0m, with potential further consideration of up to £1.0m subject to a profit target for the year ending 28 February 2020.
Martek was founded in Rotherham, UK in 2000 and provides a range of innovative safety and calibration systems and products to the marine sector. Unaudited profit after tax, of Martek for the year ended 28 February 2018 was £1.8m and gross assets were £7.2m.
Nick Henry, chief executive officer of James Fisher, said:
"The acquisition of Martek further enhances James Fisher's capability to offer innovative solutions to the marine sector and provides a proven channel to market for the Group's adjacent products and services. We are very pleased to welcome Martek's team to the Group and look forward to a successful future together."
James Fisher has acquired 60% of the share capital of MSMC for an initial consideration of £4.1m in cash, with potential further consideration of up to £4.5m subject to profit targets for the year ending 31 December 2019.
MSMC, which was established in 2010 by Abdullah Akbar Natheer and is headquartered in Al Khobar, Kingdom of Saudi Arabia, provides near shore marine construction and maintenance services. Audited profit after tax of MSMC for the year ended 31 December 2017 was £1.4m and unaudited gross assets were £10.0m. The 40% minority interest of MSMC has been retained by Mr Natheer who James Fisher will work with to grow MSMC and secure a leadership position in its chosen markets.
For more information, please see the regulatory news release about the Acquisitions of Martek and MSMC.