Marine specialist makes £15m Singaporean acquisition
MARINE specialist James Fisher and Sons has bought Lexmar Engineering and Lexmar Sat Systems for up to £15m.
Founded in Singapore in 1996, Lexmar is provider of service and support of diving equipment and saturated diving systems. It is impleting three 18 man twin bell saturation diving systems which James Fisher says is complementary to its specialist technical division.
Lexmar’s profit after taxation was £2.2m for the year ended 31 December 2015 and combined net assets were £5m.
The Barrow-in-Furness-based has paid an initial £9.8m in cash, with further future consideration of up to £5.2m subject to the successful completion of certain projects. The consideration is based on net cash held by Lexmar at acquisition of £4.9m.
Nick Henry, chief executive of James Fisher, said: “The acquisition of Lexmar will strengthen our specialist diving equipment services and is well located to access the strategically important Asia Pacific region.”
It is the company’s second acquisition in eight weeks – in June the company bought Aberdeen-based Return to Scene (R2S), a subsidiary of Sea Energy, out of administration for £2m.
R2S provides visual asset management photographic capture services, digital media services and forensic services to the oil & gas and security sectors.
