SHAREHOLDERS in Divex, the Aberdeen-based supplier of diving equipment to the offshore oil industry, are in line for a windfall after agreeing to sell the firm for an initial £20 million.
The company, which employs around 240 staff across sites in Australia, South Africa, Dubai and Aberdeen, has been snapped up by Cumbria-based James Fisher & Sons, a specialist in marine and technical support services.
Its acquisition of Divex could be worth an additional £13m if future profitability targets are hit.
These specifically relate to the north-east company's activities in large saturation diving systems over the next four years.
Current joint managing directors Derek Clarke and Doug Godsman, the two biggest shareholders in Divex, will remain in their posts but aim to retire within three years.
Nick Henry, chief executive officer at James Fisher, said: "We already work with Divex and we've known them for years. For example, when we do our submarine rescue contracts we work with them because they provide a part of the system we don't. It's just a logical extension for us.
"From their side it was sensible succession planning, and I believe they would look on us as the logical and sensible buyer, a new home to take it forward. It's a good deal all round."
Mr Henry declined to comment on the return for Divex shareholders from the sale, but confirmed it had gone through on a cash-free, debt-free basis.
The most recent annual return for Divex at Com-panies House lists its shareholders as Mr Clarke, Mr Godsman, Norma Fay and Eugene Ockwig, Sandy McInnes and Analox Limited. Mr Clarke is the biggest shareholder with 192,256 of the 373,782 total, followed by Mr Godsman with 105,463.
Divex reported turnover of £34.2m for the year ended November 30, 2012, with earnings before interest, taxation, depreciation and amortisation (Ebitda) at £4.6m. The year included a depreciation charge of £0.5m. In its most recent accounts available at Com-panies House, Divex delivered pre-tax profits of £2.6m on turnover of £34m for the year to November 30, 2011.
Mr Henry refused to rule out further acquisitions by James Fisher, and added that there were opportunities for growth for the company in its core oil and gas, nuclear, shipping, renewables and defence sectors.
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