Alba Gaskets has successfully completed a management buy-out (MBO).
The announcement was made during a visit to the Altens premises by Minister For Trade, Investment & Innovation, Ivan McKee, MSP.
Mr McKee toured Alba Gaskets’ manufacturing facility and also met with key members of the company’s management team.
Managing director, Gavin Sim and director, Sigfrid Ruz, will head up the new management structure.
Mr Sim is one of the business’ founders and has therefore been with the business since its inception 12 years ago. He has more than 21 years’ technical and management experience in the gasket sector.
Mr Ruz has 25 years’ experience working in technology-related roles, with a particular specialist knowledge of the gasket industry. He joined Alba Gaskets earlier this year as the operations and technical director, having moved to Aberdeen from Denver, Colorado.
Commenting on the MBO, 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.
“The oil and gas industry has obviously faced some challenges over recent years, but we really feel like the business is in an exciting place and are already seeing increased opportunities both in the North Sea and internationally.
“We have a highly skilled team with a wealth of industry experience and look forward to building upon these capabilities going forward.”
Mr McKee said: “It’s great to see businesses like Alba Gaskets demonstrating such innovation and ambition in the offshore sector.
“Scotland has such a fantastic track record when it comes to trading, both in the UK and overseas.
“The oil and gas sector is a key component of our economy and remains integral to a sustainable, secure and inclusive energy transition.
“I wish Gavin, Sigfrid and the team all the very best as they look ahead to this next chapter for the company.”
MHA Henderson Loggie in Aberdeen has been working closely with Alba Gaskets over the past 18 months in preparation for the deal, providing strategic advice as well as raising the funding required to deliver the transaction.
Ian McDonald, Senior Manager - Corporate Finance, MHA Henderson Loggie said: “Alba Gaskets has done exceptionally well to protect and indeed grow its position during the recent downturn and it is because of the clear opportunity that Gavin and Sigfrid now feel exists within the business to take it forward, that we were able to raise the funding required.
“I have no doubt that Alba Gaskets will push on from here and continue to be an integral part of the supply chain both in the UK and abroad. I very much look forward to working with the team going forward and wish them all the very best.”
Funding to assist the deal was structured by MHA Henderson Loggie and provided by Barclays Bank, while Scottish Enterprise provided Alba Gaskets with ongoing strategic support. Ledingham Chalmers was the company’s legal advisor.