ACE Winches buy back company shareholding from Balmoral Group
Register for free to read more of the latest local news. It's easy and will only take a moment.
A COMPANY led by ACE Winches founder and former CEO Alfie Cheyne has bought the shareholding in the business from Balmoral Group.
As part of Balmoral’s share purchases in 2017 and 2019 the Cheyne family had an option to buy back Balmoral’s investment and the deal confirmed yesterday is in line with this agreement.
In 2017, Balmoral Group Holdings Ltd, invested £10m in the Turriff-based company.
Alfie Cheyne said: “Balmoral has been incredibly supportive to ACE Winches over the last few years and has positioned the business well for continued growth.
“I look forward to an exciting new chapter ahead in the development of the business.”
Jim Milne, Chairman and Managing Director of Balmoral Group said: “We have enjoyed working with the management and staff of ACE Winches and wish them all the best for the future.”
ACE Winches is a global leader in the design, manufacture and hire of lifting, pulling and deploying solutions.
Founded by Alfie Cheyne in 1992, the company delivers quality service with attention to detail, encompassing only the highest safety standards, creating new and repeat business internationally and in the domestic market.
The Balmoral Group provides industry-leading subsea product solutions for the global energy sector as well as a range of liquid storage products.
