18th Mar 2005 07:00
Fisher (James) & Sons PLC18 March 2005 James Fisher and Sons plc ('James Fisher' or 'the Company'): £12.0m UK Acquisition James Fisher, the marine services provider, announces the acquisition of twoprivately-owned companies, Fender Care Marine Solutions Ltd and Fender CareMarine Services Group Ltd ("FenderCare"), a market leader in supplyinglarge-scale pneumatic fenders to the shipping, offshore, port, construction anddefence industries for a maximum consideration of £12.0million in cash. Theacquisitions are being funded out of existing resources. FenderCare represents James Fisher's largest marine service acquisition to dateand provides the Company with further market penetration for its growing core UKmarine services division and, significantly, overseas, particularly to the UKand global defence industries. The maximum consideration for FenderCare is £12.0million, whereof £11.275millionwill be paid on completion and up to a further £740,000 subject to certain earnout provisions for the financial year ending 31st September 2005. In the yearended September 2004, FenderCare had a turnover of £17.0 m and a pre-tax profitof £1.935m. Net assets at that date amounted to £4.7m. 51% of turnover was derived from the UK and the EEC. A significant portion ofFenderCare's turnover arises out of sales to the UK and global defenceindustries, including the provision of specialist quayside, onboard andsubmarine fendering products. Tim Harris, Chairman of James Fisher, said: "The acquisition substantially strengthens James Fisher's growing Marine SupportServices Division which, for the year ended 31 December 2004, contributed 46% ofthe Company's operating profit against 15% two years ago and represented 27% ofassets employed. It fits closely with our existing businesses, providing qualityservices to the oil majors and FenderCare has also been expanding rapidly in theDefence sector." Yvonne Mason, Chairman of FenderCare, said: "We established FenderCare in 1988 and have grown it to become a market leaderacross it's various market sectors. In James Fisher we see a refreshing attitudeto marine services and are confident that we have found the right strategic homefor Fendercare and our employees. We are committed to remaining with thebusiness and growing it further within James Fisher" FenderCare's head office near Norwich, has 65 employees, concentrating on thesale, rental and refurbishment of floating fendering, mooring systems,navigation buoys, quayside products and bespoke marine hardware. The Company hasregional offices in Singapore, Nigeria and the Middle East. FenderCare Marine, the ship-to-ship ("STS") oil transfer and lightering serviceprovider, is the largest global STS service provider with 19 regional operatingbases throughout the Far and Middle East, Europe, the Mediterranean, the Balticand West Africa. In 2004, FenderCare Marine undertook almost 600 ship to shiptransfer operations, involving the lightering of crude oil and refined products. FenderCare is particularly well known for its longstanding relationship withYokohama Fenders, working alongside the manufacturer to develop new designs andpromote alternative end uses for this high quality, proven product. FenderCare also distributes navigational buoys worldwide under the Hippotradename, as well as bollards and other quayside products under the tradenameof EJ Beans. Deck equipment is sold by Turners Marine Trading. FenderCare greatly complements several of James Fisher's existing marineservices activities, including the MOD, Marine Oil Services and the Scan-Techoffshore activities in Aberdeen and Norway. The founding shareholders, YvonneMason and her brother Eric Plane, will remain as Chairman and Managing Directorrespectively. The Company will continue to operate from its base in Seething, inNorfolk. EC Hambro Rabben and Partners Ltd acted as corporate finance advisors to JamesFisher for the acquisition. ENDS For further information, please contact: James Fisher and Sons plc Tim Harris Chairman 020 7338 5808 FenderCare Yvonne Mason Chairman 01508 482691 EC Hambro Rabben & Partners Eivind Rabben 020 7355 4100Peter Donald 020 7355 4100 Binns & Co PR Peter Binns 020 7153 1477 / 07768 392 582Paul McManus 020 7153 1485 / 07980 541 893 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
James Fisher and Sons