Aberdeen headquartered Scots Bearings has been bought by an English firm in a seven-figure deal.
The parts distributor, founded in 1986 by David Jackson, is now owned by Bristol-based Antifriction Components.
Mr Jackson said he felt the time was right to sell the business as he looks towards retirement.
Scots Bearings, which has a turnover of £16.7 million, employs 60 people across Scotland with 16 of those based in Aberdeen.
It also has offices in Inverness, Dundee, Glasgow and Irvine.
All jobs safe
The acquisition will see all staff transfer under new ownership but Scots Bearings will continue to trade under its own name.
Mr Jackson said: “I’m 68 now and needed to start thinking about an exit strategy.
“The Antifriction ethos and business is very similar to my own.
“It seemed a nice fit and the business will continue once I retire.
“All employees jobs are secure and that was my main priority throughout.
“We’ve got good people working for us and I have some that have been here for more than 30 years in Aberdeen. They are very loyal staff.”
Scots Bearings offers an extensive range of industrial products including lubricants, electric motors, belts and drives and provides a repair service for gearboxes.
‘Significant’ specialist distributor
Antifriction said the deal will see them become “the largest distributor of critical moving parts in Scotland”.
The company will continue to operate under its existing name alongside Antifriction’s Scottish sites in Edinburgh and Inverness.
It now has 19 sites across the UK including Bristol, London, Bolton and Belfast.
Established in 1976, it is now part of Gruppo Bianchi — one of Europe’s largest specialist distributors of power transmission, linear motion, fluid power systems and components.
Andrew Fleming, Antifriction managing director, said: “David and his team have built a successful business and a loyal customer base due to their commitment to providing an excellent service, which we are looking forward to continuing.
“Scotland’s a really vibrant and important market for us and this deal will make us the most significant specialist distributor of critical moving parts north of the border.”
Alberto Bianchi, president and chief executive of Gruppo Bianchi, added: “With the acquisition of Scots Bearings, the UK becomes our second largest market in continental Europe, with turnover exceeding £50m.”
Mr Jackson plans to continue for the next two years as managing director.
Conversation