James Fisher & Sons PLC Acquires Testconsult Ltd
James Fisher ("FSJ.L) ("James Fisher") announces the acquisition of the entire share capital of Testconsult Limited and its subsidiaries for a total cash consideration of £8.0m.
Testconsult is a market leading provider of monitoring, instrumentation and testing services and also designs and produces specialist testing equipment used in over 70 countries worldwide. Testconsult will extend and complement the range of services provided by James Fisher's Strainstall Monitoring business. Strainstall uses strain gauges and sensors to provide structural monitoring and dynamic load testing of bridges, other structures and offshore installations.
Earnings before interest, taxation, depreciation and amortisation (EBITDA) was £1.4m for the year ended 31 March 2014. Net assets at 31 March 2014 were £2.9m.
Nick Henry, Chief Executive Officer of James Fisher, said: "We are delighted to welcome Testconsult into the James Fisher group and we look forward to benefitting from the enlarged opportunity which the combination of Strainstall Monitoring and Testconsult will present, expanding our activities in testing and monitoring with complementary skills, products and services. We intend to build on our combined strengths, particularly in international markets".
E C Hambro Rabben & Partners has acted as corporate adviser to James Fisher and Sons plc