Fisher Group swallows Subtec for £3.4m
BARROW-based marine services company James Fisher Group (JFG) has bought the entire share capital of Subtech Group Holdings for £3.4m.
That figure is plus a potential future consideration of up to a maximum of £9.9m based on the company achieving profit targets in 2015 and 2017. There is an additional profit share above target levels up to £4.7m during the same period.
Subtech is a South African-based marine and sub-sea service provider with activities also in Mozambique, Namibia, Angola and Tanzania.
The company has a strong reputation for reliable and timely completion of marine construction projects, submarine pipeline installation and maintenance, specialised marine engineering projects, diving and salvage. It is also well positioned to take advantage of any future expansion of oil and gas activities in East and West Africa.
Nick Henry, chief executive of JFG, said: “The acquisition of Subtech broadens our presence in the growing markets around Africa. Subtech’s marine and subsea services are very complementary to our own. We are looking forward to working together with the Subtech team.”
Greg Raaff, chief executive of Subtech and his senior management team will all continue with the Company.
He said: “Subtech is very excited and proud to be part of JFG. With our close synergies to many of Fisher’s current services and group companies, as well as our geographic footprint, we look forward to enhancing our current market offering and to being an ideal shop front for the Group’s services into Southern Africa.”
