A huge investment by Scottish entrepreneur Sir Brian Souter has been the catalyst for expansion at Aberdeen firm Oteac.
Sir Brian, who co-founded Perth-based transport giant Stagecoach Group with his sister, Ann Gloag, in 1980, and remains its chairman, was among the investors behind Oteac’s takeover by private-equity firm Lonsdale Capital Partners in October 2013.
Neither the size of Lonsdale’s stake or the value of its investment have ever been revealed but Sir Brian is believed to have poured at least £10million into the business, which is based in Maryculter and specialises in integrated fire and safety engineering services.
Oteac is broadening its range of asset management and integrity services to include performance verification, design, engineering, installation and commissioning of specialist fire and safety equipment as well as the supply, inspection, servicing, testing and maintenance of equipment.
It has also recently opened a new office in Leith, Edinburgh, which will primarily focus on the firm’s marine activities, and plans to add 13 people to its current 76-strong workforce.
Sir Brian, who owns stakes in a wide range of businesses through family investment vehicle Souter Investments, was recently shown round Oteac’s headquarters and met some of the staff.
He said: “Oteac is a company which is going from strength to strength and has a robust development plan in place, which underpins our decision to invest.
“It was a pleasure to have the opportunity to spend some time with the Oteac team and I was hugely encouraged by the quality of work and commitment of the staff.”
Oteac chief executive Bill Hogarty added: “This is an exciting time for the company as we seek to expand our services within Scotland and also look to develop our international capabilities.
“We have put plans in place for major growth, which will begin with a recruitment drive throughout the company.”
Accounts at Companies House show the 30-year-old firm, acquired by Mr Hogarty and former director Sandy Brown in 2006, made pre-tax profits of £1.98million in 2013.
This was up from£1.77million in 2012, while the latest turnover figure was up by 8% at £9.39million.
Sir Brian’s investments over the years have helped companies including Scottish bus-maker Alexander Dennis, biofuel business Argent, insurer esure, comparison website Gocompare, luxury yacht manufacturer Sunseeker, Polish bus business PolskiBus.com and New Zealand bus and ferry group Souter Holdings.
He refuses to invest in companies involved in alcohol, gambling, tobacco or armaments.
In addition to his business interests, Sir Brian and his wife, Lady Betty, have established and funded the Souter Charitable Trust to support projects helping to ease human suffering.