Aberdeen specialist-paint manufacturer Spencer Coatings is under new ownership after US company Axalta Coating Systems swooped to buy it from its five directors.
The deal, which was for an undisclosed sum, launches 108-year-old Spencer and its 165-strong workforce into a new era.
Managing director Phil Buck, who was majority shareholder, with 39% of the £13million turnover business at the time of its sale, is staying on in his role.
Spencer’s other former shareholders – Graham Stronach, James Stokes, Sean Cullen and Nigel Smith – are also still there.
Mr Buck said the deal, for which PwC was lead financial advisor to Spencer, allowed the management team to globalise the business.
He added: “The shareholders are delighted with the outcome of this process.
“We had excellent support from PwC and look forward to being part of Axalta as we continue to grow.”
Philadelphia-based Axalta, which last year celebrated 150 years in the coatings industry, said it would use Spencer’s products and people to serve existing customers in the UK and expand into new geographies.
PwC’s team was led by Jon Shelley and Cara Haffey.
Mr Shelley, head of corporate finance in Scotland at PwC, said: “We are delighted to have supported the shareholders of Spencer Coatings Group during this exciting time for the business.
“In Axalta, they have found a partner to maximise the development of their exciting range of specialist coatings products.”
