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Acquisition will help marine services company broaden offshore wind business
James Fisher and Sons has bought the wind turbine repair company Rotos 360 in a deal worth up to £6.5 million.
The marine services company purchased Rotos 360 for £1.5 million in cash, with an option to pay up to £5 million extra, subject to the firm meeting profit targets over the next three years.
James Fisher is already involved with the offshore wind sector and is currently supporting the building of the Galloper windfarm, which is off the coast of Suffolk.
Rotos 360 was established in 2013, as part of a government-fund project to reduce the cost of operating and maintaining offshore wind turbines.
The chief executive officer of James Fisher, Nick Henry, said the new acquisition will help his company broaden “its offering in the growing offshore windfarm sector”.
“We are delighted to welcome the Rotos 360 team to the group,” he addd.
Rotos 360’s operations director, John Galliford, added: “The opportunities this affords us, to increase the scope and scale of the projects we undertake for customers through access to the group’s wider resources, is huge.”
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