Business
ACQUISITION OF DIVEX LIMITED
ACQUISITION OF DIVEX LIMITED.
About this update from James Fisher And Sons Plc
[{"type":"text","content":"\n \nRNS Number : 3060Z Fisher (James) & Sons plc 06 March 2013 \n\n \n \n6 March 2013\n \n \nJAMES FISHER AND SONS PLC\nACQUISITION OF DIVEX LIMITED\n \nJames Fisher and Sons plc today announces the purchase of Divex Limited (Divex) for an initial consideration of £20m in cash plus a further maximum additional consideration of £13m linked to future profitability targets.\n \nDivex is a leading supplier of diving equipment to the offshore oil industry and other sectors. It designs, assembles and distributes a broad range of diving products for commercial and military customers. Products range from diving helmets and breathing apparatus to large saturation diving systems and decompression chambers suitable for multi-occupancy. Divex is based in Aberdeen with operations in Australia, South Africa and Dubai and employs approximately 240 people. \n \nDerek Clarke and Doug Godsman the current Joint Managing Directors will continue with the business as will Doug Austin Managing Director Asia Pacific and Group Business Development Manager.\n \nThe Company's turnover in the year ended 30 November 2012 was £34.2m with an EBITDA of £4.6m and depreciation charge of £0.5m. Net assets at the same date were £13.6m and gross assets £26.5m.\n \nNick Henry, Chief Executive Officer of James Fisher and Sons plc, said:\n\"Divex is a market leader in diving equipment for the oil and gas, and defence sectors. It is also the global leader in the design of saturated diving systems, which is a growing market. We believe that it will fit well with our Group both in terms of its market, customers and geographical spread.\"\n \nE C Hambro Rabben & Partners has acted as corporate adviser to James Fisher and Sons plc\n \nContacts:\n \n\n\n\n\nJames Fisher and Sons plc\n\n\nNick Henry\n\n\nChief Executive Officer\n\n\n020 7614 9508\n\n\n\n\nEC Hambro Rabben & Partners\n\n\nEivind Rabben\nPeter Donald\n\n\n \n\n\n020 7355 4100\n\n\n\n\nFTI Consulting\n\n\nRichard Mountain\n\n\n \n\n\n020 7269 7291\n\n\n\n\n \n\n\nSophie McMillan\n\n\n \n\n\n\n\n\n\n\n \n\n\n\n\n\n \n\n\n\n\n\n\n\n \n\n\n\n\n\n \n\n\n\n\n\n\n\n \n\nThis information is provided by RNSThe company news service from the London Stock Exchange END ACQN...