Energy industry logistics company Peterson SBS yesterday revealed it had taken a majority stake in a fellow Aberdeen firm.
It has acquired a 60% stake in supply and distribution business 80:20 Procurement Services for an undisclosed sum.
Peterson said the purchase would allow it to enhance and extend its existing procurement and material management services in the UK and internationally.
Set up in 2004, 80:20 now has annual sales of more than £10million and employs 20 people.
The company will remain as a standalone business and directors Paul Dorward and Tony Bannon are to stay in post as will all the staff.
Ownership of 80:20 was split previously between the Dorward and Bannon families, who now see their stakes reduced to 20% each.
Peterson chief operating officer Mike Porter said: “We currently provide procurement services for our clients in the Netherlands and the UK. This investment will provide our clients with access to ePro – 80:20’s e-portal system – which reduces clients’ transactional procurement costs. Delivering value to our customers will always be our key priority.”
Mr Bannon said: “During the last eight years, 80:20 has grown considerably and our next step is to expand internationally.
“We are currently working with Peterson on opportunities in Europe, the Middle East and Asia. By utilising the existing Peterson network, we have been able to significantly reduce the set-up costs associated with entering a new country and enabled us to hit the ground running.
“The anticipated growth in the business will result in us increasing our staff numbers.”
Funding for the transaction was provided by Lloyds Bank in Aberdeen. Relationship director David Templeton said: “The investment in 80:20 brings together two strong brands in the local oil and gas market, which provides great opportunities for both companies.”
Peterson was advised by Stronachs and Anderson Anderson and Brown, while Blackwood Partners and Infinity Partnership acted on behalf of 80:20.