James Fisher buys Lancashire-based EDS for up to £14.6m

Marine engineering services group James Fisher has bought Lancashire-based EDS, which provides a complete range of high voltage engineering services to the renewables industry, for up to £14.6m.

The company will pay an initial consideration of £9m in cash, with a potential further consideration of up to £5.6m subject to profit targets for the two years ending 30 September 2019. For the year to the end of September 2017, EDS generated adjusted earnings before interest, tax, depreciation and amortisation of £1.8m and unaudited profit after tax of £1.2m.

Chief executive officer Nick Henry said: "The acquisition of EDS provides James Fisher with sector leading high voltage engineering capability, further broadening the group's offering to the offshore wind farm sector. We are delighted to welcome the EDS team to the group."

EDS's services cover the design and installation stages of new wind farm construction projects through to the subsequent monitoring-fault management, repair and maintenance of the operating assets.