James Fisher & Sons has sold Prolec, Strainstall UK and Mimic in two separate transactions.
Mimic, which supplies condition monitoring software, and the UK operations of Strainstall have been sold to the BES Group (British Engineering Services) for an initial £13.6m, plus a further £3.9m based on performance.
Strainstall uses strain gauges and sensors to provide structural monitoring and dynamic load testing of bridges, other structures and offshore installations.
The James Fisher board has been looking to rationalise operations and decided that Minic and Strainstall would be better able to continue their development outside of the group.
James Fisher has also sold Prolec – a £4m supplier of control systems for construction equipment – to the German crane and excavator attachments manufacturer Kinshofer, which is itself part of Sweden’s Lifco Group.
James Fisher chief executive Jean Vernet said: "The sale of Prolec, Mimic and the UK operations of Strainstall represent a clear demonstration of our strategy to rationalise and focus the portfolio, as well as strengthening our financial position. We believe the transactions represent good value for James Fisher's shareholders and in BES and Lifco, we have found buyers of quality. We wish them and the staff at each of the businesses continued success and thank them for their hard work and dedication to James Fisher over many years."
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