Fisher (James) & Sons
plc
Completion of Disposal of
Martek Holdings Limited for £12.1 million
James Fisher and Sons plc (FSJ.L)
("James Fisher" or the
"Company" and, together
with its subsidiaries, the "Group"), is pleased to announce that it
has completed the sale of Martek Holdings Limited and its
subsidiaries ("Martek" or
the "Business") to a
regional fund managed by Foresight Group ("Foresight") and the Management
team ("the Foresight
Group ("Foresight") for a total cash consideration
of £12.1 million ("Total
Consideration").
The Total Consideration comprises an
initial payment of £10.6 million and an unconditional deferred
element, of £1.5 million, payable in two equal instalments of £0.75
million on the first and second anniversary of the transaction
completion date.
Headquartered in the UK, Martek is a
leading international distributor of premium mission and
life-critical safety, monitoring and medical equipment to the
maritime industry. The Business forms part of James Fisher's
Maritime Transport Division and employs around 50 people. In the
year ended 31 December 2023, Martek generated revenue of £11.6
million and profit before tax of £1.4 million.
The Disposal is in line with James
Fisher's strategy to simplify and focus its portfolio through the
sale of non-core assets. The net proceeds will be used to reduce
leverage and strengthen the Group's balance sheet. Together with
the sale of RMSpumptools completed in July 2024, the Disposal will
support a further reduction in leverage towards a target range of
1.0 to 1.5 times Net Debt to EBITDA.
Jean Vernet, Chief Executive Officer of James Fisher,
said:
"The sale of Martek continues our
strategy to simplify the business portfolio and ensure investment
remains focused on our core customer markets, including innovative
new product development.
"We are confident that the Business
will continue its success under Foresight's ownership, and on
behalf of everyone at James Fisher, I would like to thank the
Martek team for their contribution."
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Enquiries
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James Fisher and Sons plc
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Jean Vernet, Karen
Hayzen-Smith
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+44 20 7614 9503
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FTI
Consulting
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(PR
Adviser)
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Richard Mountain, Susanne
Yule
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+44 20 3727 1340
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