James Fisher and Sons plc, the Barrow-in-Furness marine engineering firm, announced it completed the sale of Martek Holdings Limited and its subsidiaries to a regional fund managed by Foresight Group and the management team for £12.1 million in shares.

“The total consideration comprises an initial payment of £10.6 million and an unconditional deferred element, of £1.5 million, payable in two equal instalments of £0.75 million on the first and second anniversary of the transaction completion date,” said Fisher.

“Headquartered in the UK, Martek is a leading international distributor of premium mission and life-critical safety, monitoring and medical equipment to the maritime industry.

“The Business forms part of James Fisher’s Maritime Transport Division and employs around 50 people. In the year ended 31 December 2023, Martek generated revenue of £11.6 million and profit before tax of £1.4 million. 

“The disposal is in line with James Fisher’s strategy to simplify and focus its portfolio through the sale of non-core assets.

“The net proceeds will be used to reduce leverage and strengthen the group’s balance sheet. Together with the sale of RMSpumptools completed in July 2024, the disposal will support a further reduction in leverage towards a target range of 1.0 to 1.5 times Net Debt to EBITDA.”

 James Fisher CEO Jean Vernet said: “The sale of Martek continues our strategy to simplify the business portfolio and ensure investment remains focused on our core customer markets, including innovative new product development.

“We are confident that the Business will continue its success under Foresight’s ownership, and on behalf of everyone at James Fisher, I would like to thank the Martek team for their contribution.”