Aberdeenshire winch specialist with more than 200 staff bought in £53.5 million deal

An Aberdeenshire winch specialist with more than 200 workers has been acquired in a bumper £53.5 million deal.

Ashtead Technology chief executive Allan Pirie with founder and chairman of ACE Winches Alfie Cheyne.

ACE Winches, which was established in 1992, has been bought by international subsea equipment rental and services group Ashtead Technology, taking the latter’s headcount from 320 to more than 520. ACE is described as a market-leader in the design, manufacture and hiring of lifting, pulling and deployment products. The company’s core offering supports the installation, inspection, maintenance, and repair and decommissioning of offshore energy infrastructure.

The takeover marks Ashtead Technology’s eighth acquisition in the last six years and follows the group’s purchase of WeSubsea and Hiretech in 2022. The latest deal will further strengthen Ashtead’s product and service offering across both the oil and gas and offshore wind markets.

Chief executive Allan Pirie said: “With a 31-year operating heritage, ACE Winches is a global market leader in its field with an unrivalled reputation. It has been a business we have admired and followed for a while as we share similar values, strengths and a relentless commitment to quality, service and operational excellence. The deal provides strong industrial logic adding complementary capabilities to bolster our mechanical solutions service line to deliver an enhanced and more integrated offering to a larger global customer base.”

Alfie Cheyne, founder and chairman of Turriff-headquartered ACE Winches, said: “Ashtead Technology is an outstanding business with a first class reputation and the clear synergies between both companies will give us the platform required to accelerate our growth. As well as creating a tremendous opportunity for our people, becoming part of Ashtead Technology will enable us to expand our existing capabilities and international footprint in key regions including the US and the Middle East where Ashtead Technology has an established local presence.”

He added: “We are thrilled to become part of the Ashtead Technology team and see it as the perfect home for the next chapter in our growth story.”

Ashtead Technology Holdings has been listed on London’s junior Alternative Investment Market (Aim) since November 2021. Established in Aberdeen in 1985, the firm operates across three service lines - survey & robotics, mechanical solutions and asset integrity.

Ashtead Technology snaps up Aberdeenshire-based Hiretech in £20 million deal