Diving firm Osiris acquired in £4.5m deal

MARINE Services group James Fisher and Sons has announced the acquisition, in a deal worth up to £4.5m, of a Yorkshire diving business.

The Barrow-in-Furness group is buying Osiris Marine Services and Osiris Underwater Engineering for an initial £3.25m.

Both companies were owned by Aiden West and his wife. Mr West will stay on as managing director of Osiris, which is based in Keighley and was established in 1996 to provide diving and sub-sea services primarily to the offshore wind-farms.

Further consideration of up to £1.25m is payable contingent on certain profit targets for the years ended June 2014 and June 2015.

Nick Henry, chief executive  of James Fisher, said: “We are pleased to announce the acquisition of the marine service business, Osiris, which furthers our presence and widens our offering to the offshore renewables market and is a further boost to our subsea capability.”

E C Hambro Rabben & Partners has acted as corporate adviser to James Fisher.