Engineering group Score, the largest employer in Peterhead, is being bought by a private equity firm in a £120 million deal.
Score, a £200m turnover business which employs 1,900 people in 14 countries, is being acquired by energy-focused SCF Partners.
The family trust which owns the business, founded by Charles Ritchie in 1982, said the deal will support Score’s continued growth.
Chairman Keith Cochrane said the trust had been looking to find a buyer who would respect the founder’s legacy. “In SCF Partners, we have found a buyer that understands Charles’ ambitions for the business.
"These were to ensure the long-term growth of the company, creating and safe-guarding opportunities for its employees and maintaining its positive impact on the North-east of Scotland," he said.
Cochrane added: “SCF Partners will provide capital to enable Score to continue investing in its services and growing its global footprint.
“Crucially, this deal will maintain Score’s independence as a market leader in the supply and repair of valves to the oil and gas, nuclear and marine industries.”
Colin Welsh of SCF Partners, said the Ritchie family had built a “terrific company”.