Fishers in £4.24m loss adjuster deal
FISHERS International is in negotiations to buy two loss adjusters, the Farrell Group and Applied Technology Adjusting International, for an initial consideration of £4.24 million, the company said yesterday.
The publicly quoted insurance and financial services company, is acquiring the companies at a valuation of £7.1 million. Fishers will pay an initial £4.24 million which will be purchased through cash and a new share issue, with further payments over the next three years depending on the profitability of the businesses, according to chief executive, Mr Kevin Kenny. The final valuation will be based on 7.5 times average after tax profits for the three years to the end of December 1999.
The two companies, which are owned by the same majority shareholders, last year reported combined profits of £1.38 million on sales of £5.8 million and total assets of £0.8 million.
The Farrell Group employs 47 people at eight locations in the Republic.