Mon, 23 Jun 2014 | BUSINESS SALE
Cumbrian-based James Fisher and Sons plc has completed the acquisition of a Warrington testing consultancy for £8 million.
The group, which specialises in marine engineering, has bought Testconsult Limited and its subsidiaries. Testconsult provides monitoring, instrumentation and testing services as well as designing and manufacturing specialist testing equipment which is used in more than 70 countries.
The deal is intended to complement the range of services that James Fisher already offers to its customers through its Strainstall Monitoring business. Strainstall uses strain gauges and sensors to provide structural monitoring and dynamic load testing of bridges, other structures and offshore installations.
Testconsult had earnings before interest, taxation, depreciation and amortisation of £1.4 million for the year to 31 March 2014, while the net assets on this date stood at £2.9 million. The management team is expected to remain largely the same following the acquisition.
Nick Henry, chief executive officer of James Fisher, commented on the deal: "We are delighted to welcome Testconsult into the James Fisher group and we look forward to benefiting 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 acted as corporate adviser to James Fisher and Sons.
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