December 6 (Renewables Now) - UK marine services company James Fisher and Sons plc (LON:FSJ) said today it has acquired EDS HV Group Ltd, a provider of high-voltage engineering services to the renewable energy industry.
The consideration is GBP 9 million (USD 12m/EUR 10.2m) in cash initially, plus up to a further GBP 5.6 million subject to meeting profit targets in the two years to September 30, 2019.
James Fisher chief executive Nick Henry said EDS broadens James Fisher's offering to the offshore wind farm market with a "sector leading" high-voltage engineering capability.
Based in Rossendale in Lancashire, England, EDS provides services during the design and installation phases of wind projects, as well as the subsequent monitoring-fault management, repair and maintenance. In the year to September 30, 2017, the business booked adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) of GBP 1.8 million, an unaudited net profit of GBP 1.2 million and unaudited gross assets of GBP 6 million.
(GBP 1 = USD 1.339/EUR 1.134)