Fisher buys subsea testing company

MARINE engineering company James Fisher (JFD) has acquired the National Hyperbaric Centre (NHC) based in Aberdeen for an initial consideration of £3.5m in cash plus £1m earn out based on future contracts.

NHC operates hyperbaric testing chambers used for testing equipment for the subsea industry.
 
Its services include reception and hyperbaric welding trials to customers worldwide. It also operates a hyperbaric chamber for patients of the NHS Grampian.

Current owner and managing director David Smith will step down and all other employees will remain with the business. NHC will become a division of JFD, which was formed by the merger of JF Defence and JF Divex in 2014.

EBTIDA of NHC were £1m for the year ended December 31 2013 and its net assets are £1.2m (gross £3.2m).

Managing director of Barrow-headquartered JFD Mike Howarth said: “I am delighted with the acquisition of NHC, which further extends our range of services to the subsea industry and consolidates our world leading position in the design, manufacture, testing and operation of hyperbaric reception facilities and other subsea equipment.”

EC Hambro Rabben & Partners acted as corporate adviser to JFD.