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James Fisher Acquires FenderCare

Marine services provider James Fisher has acquired Fender Care Marine Solutions Ltd and Fender Care Marine Services Group Ltd (FenderCare), suppliers of large scale pneumatic fenders, for a maximum consideration of £12m cash, with the final £740,000 subject to earn out provisions for the financial year ending 31 September 2005.

FenderCare showed a pre-tax profit of £1.935m on a turnover of £17m in the year ended September 2004. Some 51% of that turnover was derived from the UK and EEC, with a significant portion arising out of sales to UK and global defence industries.

FenderCare represents James Fisher's largest marine service acquisition to date and provides the company with further penetration for its growing UK marine services division as well as overseas.

FenderCare Marine is the largest global STS provider, with 19 regional bases throughout the world. FenderCare is well known for its longstanding relationship with Yokohama Fenders, working alongside the manufacturer to develop new designs and promote alternative end uses for their pneumatic fenders. FenderCare also distributes navigational buoys worldwide under the Hippo trade name as well as bollards and other quayside products under the trade name of EJ Beans.

FenderCare founding shareholders Yvonne Mason and her brother, Eric Plane, will remain as chairman and managing director respectively, with the company continuing to operate from its base at Seething, Norfolk UK.

MJ Information No: 20509

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