James Fisher sells subsidiary in Rotherham to private equity for £12m
Cumbrian marine services firm, James Fisher, has sold Rotherham-based Martek Holdings, and its subsidiaries, in a deal worth £12.1m.
The Barrow-in-Furness-based group originally acquired Martek in January, 2019, in a deal worth £9m in cash, inititally, with a potential further consideration of up to £1m subject to a profit target for the year ending February 28, 2020.
Martek was founded in Rotherham in 2000 and is an international distributor of premium mission and life-critical safety, monitoring and medical equipment to the maritime industry.
It has been acquired by a regional fund managed by Foresight Group and the management team in a cash deal which comprises an initial payment of £10.6m and an unconditional deferred element, of £1.5m, payable in two equal instalments of £0.75m on the first and second anniversary of the transaction completion date.
The Business forms part of James Fisher’s Maritime Transport Division and employs around 50 people.
In the year ended December 31, 2023, Martek generated revenue of £11.6m and profit before tax of £1.4m.
The disposal is in line with James Fisher’s strategy to simplify and focus its portfolio through the sale of non-core assets.
The net proceeds will be used to reduce leverage and strengthen the group’s balance sheet. Together with the sale of RMSpumptools completed in July 2024, the disposal will support a further reduction in leverage towards a target range of 1.0 to 1.5 times Net Debt to EBITDA.
Jean Vernet
Jean Vernet, James Fisher CEO, said: “The sale of Martek continues our strategy to simplify the business portfolio and ensure investment remains focused on our core customer markets, including innovative new product development.
“We are confident that the business will continue its success under Foresight’s ownership, and on behalf of everyone at James Fisher, I would like to thank the Martek team for their contribution.”
