Member Article

Barrow-in-furness engineering firm acquires South African company for £18 million

Barrow-in-furness marine engineering firm James Fisher and Sons have acquired South African company, Subtech for £18 million.

The initial consideration is £3.4 million in cash, plus £9.9 million if the company achieves profit targets in 2015 and 2017 with an additional payment should profit go above targets of £4.7 million.

Subtech is a marine and subsea service provider with activities also in Mozambique, Namibia, Angola and Tanzania.

E C Hambro Rabben & Partners acted as corporate adviser to James Fisher and Sons plc.

Chief executive officer of James Fisher, Nick Henry, said: “The acquisition of Subtech broadens our presence in the growing markets around Africa.

“Subtech’s marine and subsea services are very complementary to our own. We are looking forward to working together with the Subtech team.”

Chief executive officer of Subtech, Greg Raaff, said “Subtech is very excited and proud to be part of the James Fisher Group.

“With our close synergies to many of Fisher’s current services and group companies, as well as our geographic footprint, we look forward to enhancing our current market offering and to being an ideal shop front for the Group’s services into Southern Africa.”

This was posted in Bdaily's Members' News section by Sophia Taha .