Two prominent north-east Scotland businesses are to work together to maximise global opportunities in the offshore, renewables and decommissioning markets.
Multi-disciplined design, engineering and manufacturing company, Balmoral Group Holdings Ltd, has taken a substantial stake in ACE Winches by investing £10m in the Turriff-based company.
The investment will strengthen and grow ACE Winches’ position as a leading mooring, lifting, pulling and deploying solutions provider in more than 50 countries.
Both companies have seen success on the global stage and between them hold five Queen’s Awards for International Trade. However since the beginning of the oil price slide in 2014 manufacturing business has slowed for ACE Winches and the company has restructured to optimise global rental opportunities.
With the new investment ACE is eyeing opportunities to expand its equipment hire business on a global basis and the two companies recognise the synergies that exist in their organisations. Both are privately owned, both have impressive international track records and both enjoy global brand recognition.
Jim Milne, chairman and managing director at Balmoral Group, said: “Without doubt the offshore industry is changing but with that change comes opportunity.”
“ACE Winches has built a very strong reputation for providing world-class deck machinery and lifting solutions and we recognise the potential in the company. Our aim is to help them achieve greater market share on the world stage by identifying and advising on new markets.”
Alfie Cheyne, CEO and founder of ACE Winches is looking forward to the opportunities ahead:
“Both ACE Winches and Balmoral Group have extensive experience of opening up new markets.
We see the renewables and decommissioning sectors, in particular, offering strong growth potential both in the immediate and longer term.
“With the combined efforts and expertise of both teams we are confident we can grow the ACE business and brand sustainably and look forward to a mutually beneficial relationship with Balmoral Group.”
Jim Milne joins the ACE Winches board as non-executive chairman and Balmoral’s finance director, Bill Main, also joins as non-executive director.