An Aberdeen manufacturer has changed hands after completing a management buy-out (MBO) as it looks to capitalise on “increased opportunities” in the North Sea and abroad.
Alba Gaskets, which supplies sealing products to the oil and gas industry, is now under the leadership of co-founder Gavin Sim and director Sigfrid Ruz, following an 18-month MBO process.
Managing director Sim has more than 21 years of technical and management experience in the gasket sector and has been with the business, which employs ten staff, since its inception in 2007.
Ruz has worked in technology-related roles for 25 years and joined Alba earlier this year as operations and technical director, after relocating from Denver, Colorado.
Sim said: “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.”
Alba has worked with accountant and business adviser MHA Henderson Loggie to seek strategic advice and raise the funding required to transition to its new management structure.
The MBO, for an undisclosed sum, was backed by funding from Barclays Bank, with legal advice by Ledingham Chalmers and ongoing strategic support from Scottish Enterprise.
Sim added: “We are tremendously confident in the opportunity we have in front of us at Alba Gaskets and the relationship we have developed with MHA Henderson Loggie I have no doubt, will aid in the delivery of this.
“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.”
Ian McDonald, senior manager of corporate finance at 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.
“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.”
Alba announced the deal during a visit to its Altens premises by trade minister Ivan McKee.