James Fisher acquires Divex

Doug Godsman, I and our fellow shareholders are pleased to advise you that late on the 5th March we completed the sale of Divex Ltd to James Fisher & Sons plc.  I attach both the Divex and James Fisher press releases below which contains the nature and details of the deal.

 

I have been the Managing Director since 1987 and Divex has grown continuously throughout this time by both acquisition and internal or organic growth as its known. We are on the cusp of another significant period of growth coming from the global replacement of ageing Diving Support vessels (DSV) and having the backing of a far stronger group will help us manage through this exciting period.

 

We actually started the process of finding a suitable parent company some three years ago and we sought a company where we had a good fit and a similar ethos and culture. We thought James Fisher would be an excellent parent back then and the discussions that have taken place over the passing months only reinforced that view. Our dual market sectors of oil and gas and defence fit perfectly and we will functionally operate within James Fisher Marine Services Ltd.

 

As is obvious from the press release the current Directors and Senior Management will be involved going forward so it will very much be business as usual and you can expect to continue your current way of working with the Divex team. Of course changes will come in time but this will be a two way exchange as we can see there is much that we have and do that other members of James Fisher can benefit from and likewise the other way.

 

We are very comfortable with this development which provides a far more stable foundation to enable Divex to go to the next level.

 

I very much look forward to continuing our working relationship going forward.

 

Yours sincerely

 

 

 

 

 

Derek Clarke

Joint Managing Director

 

 

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JAMES FISHER AND SONS PLC ACQUISITION OF DIVEX LIMITED

 

Aberdeen, Scotland – 6 March 2013

 

International diving equipment technology company Divex are pleased to advise that late on the 5th March 2013 they completed the sale of Divex Limited to James Fisher & Sons plc.

 

Divex, who are based in Aberdeen Scotland, has grown continuously through both acquisition and internal and organic growth. The company is now on the cusp of another significant period of growth with the global replacement of ageing Diving Support vessels (DSVs).  Having the backing of James Fisher plc will help the company through this exciting period.

 

Current Directors and Senior Management at Divex Limited will be involved going forward.  For the 240 members of staff currently employed by Divex Limited, there will be no immediate changes to working practices and business will continue as usual.

 

Derek Clarke, Joint Managing Director at Divex, comments:

“We actually started the process of finding a suitable parent company some three years ago and we sought a company where we had a good fit and a similar ethos and culture. We thought James Fisher would be an excellent parent back then and the discussions that have taken place over the passing months only reinforced that view. Our dual market sectors of oil and gas and defence fit perfectly and we will functionally operate within James Fisher Marine Services Ltd.

 

We are very comfortable with this development which provides a far more stable foundation to enable Divex to go to the next level.”

 

 

Divex are situated at their headquarters in Westhill, Aberdeen, Scotland.  Divex is recognised as the global industry leader in the design, supply, manufacture, research and development of diving and subsea equipment for the international commercial (offshore, inshore & onshore) anddefencediving, submarine rescue, hyperbaric medical and renewable energy markets.

 

 

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JAMES FISHER AND SONS PLC ACQUISITION OF DIVEX LIMITED

6 March 2013

 

James Fisher and Sons plc today announces the purchase of Divex Limited (Divex) for an initial consideration of £20m in cash plus a further maximum additional consideration of £13m linked to future profitability targets.

 

Divex is a leading supplier of diving equipment to the offshore oil industry and other sectors. It designs, assembles and distributes a broad range of diving products for commercial and military customers. Products range from diving helmets and breathing apparatus to large saturation diving systems and decompression chambers suitable for multi-occupancy. Divex is based in Aberdeen with operations in Australia, South Africa and Dubai and employs approximately 240 people.

 

Derek Clarke and Doug Godsman the current Joint Managing Directors will continue with the business as will Doug Austin Managing Director Asia Pacific and Group Business Development Manager.

 

The Company’s turnover in the year ended 30 November 2012 was £34.2m with an EBITDA of £4.6m and depreciation charge of £0.5m.  Net assets at the same date were £13.6m and gross assets £26.5m.

 

Nick Henry, Chief Executive Officer of James Fisher and Sons plc, said:

Divex is a market leader in diving equipment for the oil and gas, and defence sectors. It is also the global leader in the design of saturated diving systems, which is a growing market. We believe that it will fit well with our Group both in terms of it’s market, customers and geographical spread.”

 

E C Hambro Rabben & Partners has acted as corporate adviser to James Fisher and Sons plc