James Fisher Acquires Mojo Maritime Limited
James Fisher ("James Fisher" or the "Group") announces the acquisition of the entire share capital of Mojo Maritime Limited ("MML" or the "Company").
The initial consideration is £3.2m in cash, plus potential future consideration of £0.3m if the earnings before interest and taxation are £0.65m or greater for the year ending 31 December 2015.
Founded in Falmouth ten years ago by Richard Parkinson, CEO, MML is a specialist provider of consultancy and design services in the offshore renewable energy sector. The Company is involved in foundation design, installation methodology and project planning, as well as designing and developing products, some of which have been patented, aimed at reducing risk and cost of working offshore.
Richard Parkinson and his team will all continue with the Company.
MML has a sub-contract with James Fisher Marine Services ("JFMS") for approximately £1.2m under which MML and JFMS are working closely together on the construction phase of the MeyGen Inner Sound tidal project. MML has also entered into a licence agreement with a company owned by the selling shareholders through which they will benefit from a one third share of licence fees for the construction of up to 10 high performance dynamic positioning vessels for offshore wind farm construction and maintenance.
Nick Henry, Chief Executive Officer of James Fisher, said: "The acquisition of MML will strengthen our expertise and abilities in servicing the offshore renewables sector. We are delighted to welcome Richard and his team to our Group."
E C Hambro Rabben & Partners has acted as corporate adviser to James Fisher and Sons plc.