BARROW-IN-FURNESS, UK –James Fisher has acquired the entire share capital of Subtech Group Holdings (Pty) Ltd.
The initial consideration is £3.4 million ($5.19 million) in cash plus potential future consideration up to a maximum of £9.9 million ($15.12 million) based on achieving profit targets in 2015 and 2017.
Greg Raaff, CEO of Subtech, and his senior management team will all continue with the company.
Nick Henry, CEO of James Fisher, said: “The acquisition ofSubtech broadens our presence in the growing markets around Africa. Subtech’s marine and subsea services are very complementary to our own. We are looking forward to working together with the Subtech team.”