DOMINION Technology Gases Investments has been sold by its private equity owners in a deal which industry sources suggested could be worth close to £100 million.
The Aberdeen oilfield services business, which was formed in 1988 and now employs more than 80 people, was snapped up for an undisclosed sum by US-based industrial gases giant Praxair.
Graphite Capital backed a management buyout at Dominion in 2007 which was reported to be around the £30m mark.
Since then the Scottish business has acquired cylinder company Global Gas Supplies for £22m and added container specialist Argon Isotank.
Dominion has international bases in Norway, Ghana and Singapore and currently operates across 24 countries. Graphite said the exit provided a return of 2.3 times its initial investment.
In its most recent accounts, covering the calendar year 2012, Dominion reported turnover of £30.5m and pre-tax profit of £1.7m, although it was also carrying net debt in excess of £41.7m.
It supplies gases and equipment for oil and gas sectors including diving, welding and calibration.
Praxair is listed on the New York Stock Exchange and has its headquarters in Danbury, Connecticut.
It describes itself as the largest industrial gas company in North and South America.
Scott Kaltrider, vice president of helium and oil and gas services for Praxair, said: "The addition of Dominion significantly expands Praxair's oil-and-gas-related capabilities to key global customers in the offshore energy segment.
"The Dominion team has built a premier, service-oriented business with 25 years of recognised commitment to superior customer service.
"With significant growth forecasted in offshore oil and gas exploration and production, we look forward to building on this outstanding service platform and significantly expanding growth through Praxair's global footprint."
Graphite senior partner Mike Innes said: "The breadth and scale of Dominion's operations offered significant strategic value which attracted the attention of large, multi-national industrial gas groups."
Russel Davies, Dominion managing director, said the deal was an exciting opportunity for all the company's employees.
He added: "Graphite's advice and ongoing financial support, in both strong and difficult markets, have enabled us to pursue our goal of becoming a multi-service, global oilfield services provider.
"The outlook for the oil and gas markets remains positive. We are confident that operating as part of a larger industrial gas group will help Dominion grow further while continuing to provide market-leading products and services to our customers."
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