James Fisher has announced the acquisition of the entire share capital of EDS HV, the UK-based high voltage engineering company which recently signed a contract with the offshore wind giant Ørsted for its UK offshore wind farms.
James Fisher is acquiring the company for an initial consideration of GBP 9 million in cash with potential further consideration of up to GBP 5.6 million, subject to profit targets for the two years ending 30 September 2019.
Adjusted earnings before interest, tax, depreciation and amortisation of EDS for the year ended 30 September 2017 were GBP 1.8 million, unaudited profit after tax was GBP 1.2 million and unaudited gross assets were GBP 6 million.
Nick Henry, Chief Executive Officer of James Fisher, said: “The acquisition of EDS provides James Fisher with sector leading high voltage engineering capability, further broadening the Group’s offering to the offshore wind farm sector. We are delighted to welcome the EDS team to the Group.”
This year, James Fisher also acquired Rotos 360 and Insight Marine Projects, following the takeover of Hughes Sub Surface Engineering Limited (HSSE) last year.