REG - Fisher (James) - Completion of Disposal of Martek Holdings Limited

James Fisher And SonsAnnouncement

06/09/2024 14:15

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RNS Number : 2885D  Fisher (James) & Sons plc  06 September 2024

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."

 

 Enquiries
 James Fisher and Sons plc
 Jean Vernet, Karen Hayzen-Smith  +44 20 7614 9503

 FTI Consulting                   (PR Adviser)
 Richard Mountain, Susanne Yule   +44 20 3727 1340

 

 

 

 

 

 

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