London: James Fisher has acquired Subtech Group, a South Africa-based marine and sub-sea service provider, for an initial cash consideration of ZAR61.0m ($5.18m).
A potential future consideration of up to ZAR175.0m ($14.87m) is possible if Subtech achieves its profit targets in 2015 and 2017.
There is an additional profit share above target levels up to a maximum of ZAR85.0m ($7.22m) between 2015-2017, UK-based James Fisher says.
Subtech undertakes marine construction projects, submarine pipeline installation and maintenance, specialised marine engineering projects, diving and salvage.
The company operates in Mozambique, Namibia, Angola and Tanzania, as well as South Africa.
“The acquisition of Subtech broadens our presence in the growing markets around Africa. Subtech’s marine and subsea services are very complementary to our own,” Nick Henry, CEO of James Fisher, said today in a statement.
Subtech’s CEO, Greg Raaff, and the senior management team will all continue with the company.