UK provider of services to the marine and oil and gas industries, James Fisher, has announced the acquisition of the entire share capital of Hughes Marine Engineering, the holding company of Hughes Sub Surface Engineering.
The initial consideration is £9 million ($11.68M) in cash, with further future consideration of up to £1 million ($1.3M) subject to certain profit targets being met by 28th February 2017.
According to James Fisher, Hughes Sub Surface’s profit before taxation for the 12 months to end April 2016 was £1.6m (unaudited).
Hughes Sub Surface was founded in Liverpool in 2005 to provide commercial diving and civil engineering services to underwater projects. The business operates in oil and gas, power generation, marine renewables, and inshore civil engineering sectors.
Nick Henry, Chief Executive Officer of James Fisher, said: “The operations of Hughes Sub Surface are complementary to those of James Fisher and, combined, they will broaden our range of services to the market, particularly to the renewable energy industry offshore.”
James Fisher also recently bought the entire share capital of Lexmar Engineering and Lexmar Sat Systems, that provide diving equipment and saturated diving systems.