Facilities management firm Richard Irvin Energy Solutions has sold off its marine safety business to a new private-equity backed group.
The firm did not disclose the value of the sale to Safety and Survival Systems International (3SI) but the deal is thought to have reached seven figures.
The safety and survival equipment specialist also owns UK-based companies Ocean Safety, Typhoon International and International Safety Products alongside Revere Survival in the US.
Willie MacLean chief executive of Richard Irvin said the “profitable but small” marine safety division, along with its four employees, would continue to be based at its headquarters in Altens.
The business, which makes and refits lifejackets and abandonment/ immersion suits as well as life rafts, emerged from the firm’s historic roots as a 19th century ship chandler.
Mr MacLean said: “Marine safety has been a great but small part of the business.
“It didn’t fit anymore – it was a relic from the past when Richard Irvin was involved in fishing boats and sailmaking.
“It is fairly profitable although small. Over the last few years it was clear we didn’t have the resources to put into it to grow it like 3SI can – that’s their business.”
Doug Baxter, chief executive of 3SI, said: “It gives me great pleasure to welcome the Richard Irvin Marine Safety business and their team of employees into the 3SI Group, giving our business a strategic position into the offshore supply industry.
“Combined with our existing Ocean Safety business in Aberdeen and our group’s full suite of products and services we can now offer the offshore industry a complete capability in safety and survival requirements.”
Southampton-based 3SI was formed late last year by its backer, London-based August Equity. Formerly known as Kleinwort Capital, August re-branded after Swiss-based Partners Group and investment giant F&C took a stake in the investment business in 2006.
Richard Irvin encompasses three divisions, energy management, facilities management and mechanical & electrical project services. The Aberdeen firm employs 400 in operations across Scotland including Dundee, Edinburgh, Elgin, Glasgow and Inverness.