Management at Aberdeen-based oil and gas firm Alba Gaskets have successfully purchased the company.
The business, which manufactures gaskets, made the announcement during a visit by Minister For Trade, Investment and Innovation, Ivan McKee, MSP to its Altens premises.
Mr McKee toured the firm’s manufacturing facility and also met with key members of the management team.
The deal was completed on September 5.
Managing director and new majority shareholder Gavin Sim will head up the management structure along with Sigfrid Ruz.
Mr Sim is one of the business’ founders and has therefore been with the company since its inception 12 years ago.
He has increased his stake in the business, which employs 10 members of staff, from 10% to 80% with original owners Brad and Ashley Smith reducing their share to 10% each. They will step back from the day-to-day operation of the business.
Mr Sim has more than 21 years’ technical and management experience in the gasket sector.
Commenting on the management buyout, Mr Sim said: “With the new structure in place, we look forward to building upon the excellent relationships we have with our existing client base, developing products to meet their specific challenges, while also bringing new products to the market though our in-house manufacturing capability.”