ABERDEEN-based chemicals manufacturer FIS Chemicals is set on an expansion course after a management buy-in.
The MBI is backed by Glasgow-based Maven Capital Partners and London-based investment house Foresight Group which have each invested £2m.
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Together they will own a 40% stake with the remainder owned by the company’s management.
The deal will see long-serving head Tom Cummings, who joined the company a year after it was founded in 1981, retire.
Experienced chemical sector executive Kenny Woods, who joined the business in June, leads the management team.
He is joined by Derek Mathieson, former chief marketing and technology officer at Baker Hughes as non-executive chairman. Gordon Davidson, who worked at Maven, will be finance director.
The business makes a range of chemicals used in energy, utilities and marine industries and is now looking to expand internationally, particularly into the Middle East and Far East.
Mr Woods, FIS Chemicals chief executive officer, said: “FIS has established on site renewable energy sources and exceptional environmental compliance in its mission to achieving net zero.
“It is an exciting time for the new management team and staff to drive the business forward in these challenging times. It is testament to Tom Cummings who has built a strong resilient business over the years and has created a strong platform for future growth.”
Tom Faichnie of Dow Schofield Watts Aberdeen provided corporate finance advice to the vendor and initiated the deal.
Mr Faichnie said: “FIS Chemicals is a successful, well established company with huge potential for growth in the UK and internationally.
“I am delighted to see it remain as an independent business under the leadership of an exceptional management team with the drive to take it to the next level.”
