James Fisher buys Australian marine firm

MARINE and engineering services group James Fisher has spent £3m on an Australian marine equipment business.

The Barrow-based company has bought the business and property leases of Australian Commercial Marine (ACM) through its FenderCare subsidiary.

Family-owned ACM provides equipment, such as mooring equipment and navigation buoys, to the commercial shipping, port and offshore industries in Western Australia.

James Fisher said FenderCare planned to expand ACM’s activities in Australia with its own product range and services, which it has already introduced in Singapore and elsewhere in the Asia Pacific region.

FenderCare paid £1.7m for the business and a further £1.3m for its long-term leases on waterfront offices and warehouses.

During the year to June 30, 2009, ACM reported net pre-tax profits of £128,000 on turnover of £2.8m. It had fixed assets and stock of £1m. After adjusting for items which will not recur after the acquisition, the company generated earnings before interest, tax, depreciation and amortisation of £314,000 in the same period.
 
James Fisher’s chairman Tim Harris said: “This acquisition is a continuation of FenderCare’s successful geographic expansion in the Asia Pacific region. We expect FenderCare’s experience in the ports, shipping and offshore sectors to be particularly beneficial in the fast growing Western Australian market.”