FTSE 250 constituent marine services group Fisher (James) and Sons Plc (LSE: FSJ) said today it has agreed to acquire nuclear and space engineering company MB Faber Ltd in a cash only deal that could be worth up to £5.25 million.
James Fisher will pay £4 million in cash upon the completion of the deal with a possible £1.25 million on top of that in March 2010, should Faber’s EBITDA (earnings before interest, taxes, depreciation and amortisation) exceed £1.225 million.
James Fisher is hoping the new acquisition will help it strengthen its existing nuclear decommissioning business James Fisher Nuclear, which the new asset with be integrated into.
Faber’s turnover in 2008 was in excess of £6.8 million with an EBITDA of £522,000 after adjustment and a depreciation charge of £114,000. The business had £1.2 million worth of assets at 31 December 2008.
James Fisher climbed over 4% on the news this morning.