Energy service firm JBS Group has swooped to buy Aberdeen company Screw Conveyor from administrators.
Peterhead-based JBS said it took a “substantial” bid to purchase the assets, stock and IT from the defunct industrial equipment supplier.
JBS also said it had taken on four former Screw Conveyor employees, taking its headcount to around 60.
The High Court in London put Screw Conveyor into administration at the end of September.
Set up in 1996, the firm supplied explosion-proof equipment and fabrication services to operators and drilling contractors.
Scottish businessman John Stodart had a majority stake in the company, which had 12 employees on its books when it folded.
Mr Stodart previously owned two Dundee firms which collapsed − builder Muirfield Contracts and Scottish Electric Group.
The joint administrators appointed to Screw Conveyor said in September that they hoped to conclude a sale “in a short space of time”.
In just two weeks, JBS had tied up the deal.
JBS chairman Stanley Green said: “Buying Screw Conveyor was the natural thing to do and we are pleased with it so far.
“We are still preserving jobs for people and will add more in Peterhead. As a family business it makes us feel good to grow with local people.”
He added: “It took a substantial amount of money to buy Screw Conveyor from administrators.
“So the administrators felt they got a good deal and so do we. We’re pretty happy.”
Mr Green said JBS, which recently completed a senior management restructuring, had inherited the “best part” of Screw Conveyor’s order book.
He said one of the main priorities following the acquisition was to work closely with Screw Conveyor customers to assure them that the “transition will be seamless”.
JBS regional manager John Dudgeon said the acquisition could double the annual revenues of JBS’s conveyor division.
JBS has also integrated Screw Conveyor’s explosion proof, blast containment curtain business into its own.