Balmoral Group owns more than a quarter of Ace Winches after the two north-east engineering firms struck a multimillion-pound deal, it emerged yesterday.
Ace, based at Towie Barclay Works, near Turriff, received the £10million cash injection from Aberdeen-headquartered Balmoral earlier this month.
Accounts just lodged at Companies House show Ace founder and chief executive Alfie Cheyne and his wife, Valerie, each now owns 37% of the business. Balmoral, led by chairman and managing director Jim Milne, has the other 26%.
With more than 500 people on its payroll, Balmoral has supplied engineered products and services to the energy, engineering, marine, building, polymer engineering and processing sectors since 1980.
Announcing its investment on September 14, Balmoral said it would “provide stability” for the other company.
Mr Milne and Bill Main, Balmoral’s finance director, joined Ace’s board as chairman and non-executive director respectively.