British Engineering Services Limited acquired James Fisher Strainstall and James Fisher MIMIC from James Fisher and Sons plc (LSE:FSJ) for ú17.5 million on December 19, 2022. James Fisher initial pay cash consideration of ú13.6 million and in addition, up to ú3.9m of further cash consideration may be payable in Q1 2023 based on performance in the last quarter of 2022. Both Mimic and Strainstall each hold leading positions in their respective markets, but the Board has concluded that they will be better able to continue their development outside of James Fisher, in line with the Group's previously stated strategy to rationalise and focus the Group's portfolio. The proceeds will be applied to reduce net borrowings. The results of the combined businesses are reported within the Marine Support division. In the year ended December 31, 2021, they generated combined revenue of ú8.7 million. Existing management and staff will transition with the businesses to the new owners.
British Engineering Services Limited completed the acquisition of James Fisher Strainstall and James Fisher MIMIC from James Fisher and Sons plc (LSE:FSJ) on December 19, 2022.