Souter Investments has completed the sale of First Scottish Group, the independent firm of professional searchers, for an undisclosed sum.

First Scottish, which provides searches and reports for solicitors, conveyancers, estate agents, financial institutions and local authorities, has been acquired by a significant international private investment group with multinational interests across a variety of sectors, and specialism in health care, technology, insurance and financial services.

A spokesman for Souter Investments, which is the family investment office of Sir Brian Souter, co-founder and chairman of Stagecoach Group plc, declined to give any further information about the sale.

The First Scottish management team, led by group managing director Ian Fraser, will remain with the company and the business will continue to trade under the First Scottish brand.

As well as searching the public registers, First Scottish has its own in-house databases and works closely with professional agencies including the Registers of Scotland, Ordnance Survey, the Coal Authority, Scottish Water and HM Land Registry.

Mr Fraser said the team is "enthusiastic about our new relationship with our new owners, whose outlook and approach is very much aligned with our goals".

He said: “We are committed to retaining the identity and culture of First Scottish, recognising the strength of the company’s reputation, our market leading offering, and the calibre of our team."

Souter Investments has also recently completed the sales of its holdings in Baywater Healthcare UK and Endura, whilst portfolio company Ashtead Technology announced a joint venture with Forum Subsea Rentals, a subsidiary of Forum Energy Technologies, creating the industry’s leading provider of subsea survey and remote operated vehicle equipment rental and associated services.

John Berthinussen, investment director at Souter Investments, steps down as First Scottish chairman.