Tuesday, January 8, 2019

News: Martek acquired in £10m deal

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Innovative Rotherham company, Martek Marine, has been acquired by historic marine business, James Fisher and Sons plc, in a deal worth up to £10m.

Based at Manvers, Martek Marine is one of the world leaders in the supply of safety and environmental monitoring systems for the shipping industry.

With its corporate headquarters in Barrow in Furness, James Fisher and Sons operates a number of marine operations and is listed on the London Stock Exchange's FTSE 250 Index.

An update to the stock exchange said that James Fisher has acquired the entire share capital of Martek Holdings Limited for an initial net cash consideration of £9m, with potential further consideration of up to £1m subject to a profit target for the year ending February 28 2020.

Unaudited profit after tax, of Martek for the year ended 28 February 2018 was £1.8m and gross assets were £7.2m.

Nick Henry, chief executive officer of James Fisher, said: "The acquisition of Martek further enhances James Fisher's capability to offer innovative solutions to the marine sector and provides a proven channel to market for the Group's adjacent products and services. We are very pleased to welcome Martek's team to the group and look forward to a successful future together."

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Martek launched in 1999 with three employees and £6,000 in start up capital in the smallest unit in the RiDO-run Century Business Centre. Founders, Paul Luen, Steve Coulson and Mike Pringle quit their jobs after being told their ideas were no good. It now employs over 60 people at purpose built premises in Adwick Park and its products can be found in vessels across the globe.

Martek supplies monitoring systems, alarm systems, electronic chart displays and a gas callibration system. It has also expanded into different areas including the medical sector, supplying defibrillators to airlines and leisure and sport venues.

In recent years, the firm, which has previously won two Queen's Awards, has moved into new areas, establishing a new division specialising in commercial drones. In 2016 it won a €10m (£8.58m) framework contract with the European Maritime Safety Agency (EMSA) to monitor pollution in Europe's waters and in 2017 was named as part of a €67m (£58m) contract - the world's largest ever maritime drone contract.

Martek Marine website
James Fisher and Sons website

Images: Martek

1 comments:

M Benson,  January 9, 2019 at 5:20 PM  

A real success story for the co. and Rotherham, plus of course RiDO - which worked with the co.in the early years.

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