Marine services company James Fisher & Sons plc has bought a designer and manufacturer of specialist downhole tools and systems used to extract oil.

Marine services company James Fisher & Sons plc has bought a designer and manufacturer of specialist downhole tools and systems used to extract oil.

It acquired Pump Tools for £7.7 million in cash, which was funded from James Fisher’s existing debt.

James Fisher received corporate finance advice from EC Hambro Rabben & Partners with Johnston Carmichael managing a financial due diligence review of Pump Tools.

Johnston Carmichael’s team was led from its Aberdeen office by partner Andrew Walker and associate Gordon McCarlie.

Walker said the firm has worked with James Fisher on previous transactions. “The acquisition of Pump Tools will provide James Fisher with a range of products and services that complements its existing offering.”