James Fisher PLC disposes of three businesses

James Fisher, the Barrow headquartered marine service provider, has announced the sale of three businesses, in two separate transactions.

Mimic and the UK operations of Strainstall have been sold to the BES Group for £13.6m, with a further £3.9m payable next year, depending on performance.

Strainstall recently designed and supplied a structural health monitoring system (SHMS) for the Chenab bridge in India, the world’s tallest railway bridge. Mimic supplies marine monitoring equipment.

The third sale is of Prolec, which makes safety monitoring equipment for the construction industry, and has been sold to German group Kinshofer, part of Lifco AB.

The disposal is part of Fisher’s strategy of rationalising the business following the appointment of Jean Vernet as chief executive in September 2022.

The proceeds will be applied to reduce the Group’s net borrowings, he said.

“The sale of Prolec, Mimic and the UK operations of Strainstall represent a clear demonstration of our strategy to rationalise and focus the portfolio, as well as strengthening our financial position. We believe the transactions represent good value for James Fisher’s shareholders and in BES and Lifco, we have found buyers of quality. We wish them and the staff at each of the businesses continued success and thank them for their hard work and dedication to James Fisher over many years.”