James Fisher disposes of nuclear decommissioning services firm

A supplier of engineering, manufacturing and technical services to the UK's nuclear decommissioning industry has been sold by marine services provider James Fisher and Sons.

Myneration – a wholly-owned investment vehicle of Rcapital Partners – is behind the acquisition of the entire issued share capital of James Fisher Nuclear Holdings Limited (JFN) and related properties.

The sale forms part of the James Fisher board's ongoing commitment to "rationalise and focus the group's portfolio".

Management and staff will remain with the business as it transitions into new ownership and Rcapital will provide JFN with a £3m secured revolving credit facility to fund the growth of the business.

Chief executive Jean Vernet said: "The sale of JFN is a further step in the implementation of our strategy to rationalise and focus the portfolio and, taken together, the business and asset disposals made over the last three months are important steps in streamlining the group's operations and strengthening the balance sheet.

"JFN has some valuable and unique capabilities and requires the right investment to exploit the market opportunities in front of it.

"In Rcapital we are pleased to have found the right owner for the next chapter in this business's development. We wish the business and its employees every future success."

Josie Richardson, investment director at Rcapital, added: "JFN plays a crucial role in the UK's nuclear decommissioning industry and, hence, the delivery of the government's strategic energy plan.

"Its management team, market-leading technical services and unique UK-based experience in specialist fields put it in a strong position.

"We are pleased to have the opportunity to support the business as it enters a new phase of growth and development."

Rcapital was advised by Cortus Advisory Group (Financial), Pinsent Masons (Legal) and PHD Property Advisory (Property).  James Fisher & Sons Plc was advised by Teneo Financial Advisory (Chris Nichols, Craig Lukins, Dom Young).

Read the latest issue of the OGV Energy magazine HERE