James Fisher and Sons plc, the Barrow-in-Furness international marine engineering company, announced the sale of three businesses in two separate transactions.

It said Mimic and the UK operations of Strainstall have been sold to the BES Group for an initial £13.6 million.

In addition, up to £3.9 million may be payable in Q1 of 2023 based on performance in the last quarter of 2022.  

“Both Mimic and Strainstall each hold leading positions in their respective markets, but the board has concluded that they will be better able to continue their development outside of James Fisher, in line with the group’s previously stated strategy to rationalise and focus the group’s portfolio,” said James Fisher.

“The proceeds will be applied to reducing the group’s net borrowings.

“The results of the combined businesses are reported within the Marine Support division.

“In the year ended 31 December 2021, they generated combined revenue of £8.7m and profit before tax of £0.8m.

“At 30 June 2022, the gross assets of the businesses were approximately £7.4m. Existing management and staff will transition with the businesses to the new owners.”

James Fisher also completed the sale of Prolec to Kinshofer Gmbh, part of Lifco AB.

“In the year ended 31 December 2021, Prolec contributed revenues of £4m to the Marine Support division,” said James Fisher.

“Existing management and staff will transition with the businesses to the new owners. The disposal further demonstrates the board’s commitment to a strategy of rationalising the group.”

James Fisher CEO Jean Vernet said: “The sale of Prolec, Mimic and the UK operations of Strainstall represent a clear demonstration of our strategy to rationalise and focus the portfolio, as well as strengthening our financial position.

“We believe the transactions represent good value for James Fisher’s shareholders and in BES and Lifco, we have found buyers of quality.

“We wish them and the staff at each of the businesses continued success and thank them for their hard work and dedication to James Fisher over many years.”