A north-east supplier and manufacturer of products and services for the construction industry is under new ownership.
Nu-Style Products has changed hands in a deal supported by funding from the Royal Bank of Scotland (RBS).
Future plans for the firm include breaking into new markets.
Sole shareholder Hugh Black sold Nu-Style to finance director Graham Cowie and new director James Hayton.
The value of the deal has not been disclosed, but is understood to be more than £1million.
The business employs 30 staff at its Bridge of Don base and has annual turnover of nearly £5million. Mr Cowie, who has been with the company for eight years, becomes managing director.
Mr Hayton, previously with chartered surveyor Doig and Smith in Edinburgh, becomes sales and technical director. Mr Black will continue to support the new owners by taking on a business-development role.
Earlier this month, it emerged he was one of the new owners of one of the city’s most famous landmarks: Rubislaw Quarry.
The quarry, reputedly the biggest manmade hole in Europe, went on sale for the first time in 150 years earlier this year and generated interest from around the world.
Nu-Style opened in Aberdeen in 1947 and Mr Black led a management buyout in 1990. It is involved in roofing supplies, plus metal and laminate fabrication.
The customer base is predominantly north-east contractors and subcontractors, but also includes local authorities, the NHS and an increasing number of businesses operating in the North Sea oil and gas industry.
Mr Cowie said: “I’m delighted we’ve completed this deal. We are grateful to Hugh for everything he’s done for Nu-Style over the past 30 years and for agreeing to stay on to support us through this period of transition for the business.
“We are buying a great business, with a highly skilled and experienced workforce. James and I are determined to grow the business further, both by enhancing existing customer relationships and breaking into new markets. That work begins today.”
Stuart Roberts, head of structured finance with RBS in Aberdeen, said: “This is a significant milestone in the Nu-Style story and we are glad to have been able to play our part in the deal.
“The company has a great heritage and a bright future and we are looking forward to working with Graham and James as they set about growing the business over the coming years.”
The new management team was supported by solicitor Raeburn Christie Clark and Wallace and chartered accountant Ritson Smith.