James Fisher Buys HSSE
James Fisher and Sons plc has announced the acquisition of the entire share capital of Hughes Marine Engineering Limited, the holding company of Hughes Sub Surface Engineering Limited (HSSE).
Hughes Sub Surface provides commercial diving and civil engineering services to underwater projects in the marine renewables, power generation, oil and gas, and inshore civil engineering sectors.
The initial consideration is GBP 9 million in cash, with further future consideration of up to GBP 1 million, subject to certain profit targets being met by 28 February 2017.
Nick Henry, Chief Executive Officer of James Fisher, said: "The operations of Hughes Sub Surface are complementary to those of James Fisher and, combined, they will broaden our range of services to the market, particularly to the renewable energy industry offshore. We are delighted to welcome all our new colleagues to the Group and look forward to working with them."
E C Hambro Rabben & Partners has acted as corporate adviser to James Fisher.