THE biggest employer in Peterhead has been sold in a deal worth £120 million, triggering a huge windfall for its family owners.
Score Group, a global energy services engineer which employs 800 of its 1,900-strong headcount in the north-east town, has been acquired by SCF Partners, a private equity concern.
Founded in 1982 by Charles Ritchie, Score had been run by a family trust bearing his name since his death in 2017. The Charles Ritchie Family Trust had inherited Mr Ritchie’s 96 per cent majority shareholding in the business.
The board of the trust, led by chairman Keith Cochrane, has been seeking a buyer for the business which would "respect the founder’s legacy".
Mr Cochrane, the former chief executive of Weir Group, said the new owner is committed to “anchoring” the headquarters and global centre of excellence for the £200m turnover company in Peterhead.
He said: “In SCF Partners, we have found a buyer that understands Charles’ ambitions for the business. These were to ensure the long-term growth of the company, creating and safe-guarding opportunities for its employees and maintaining its positive impact on the north-east of Scotland.
“SCF Partners will provide capital to enable Score to continue investing in its services and growing its global footprint.
“Crucially, this deal will maintain Score’s independence as a market leader in the supply and repair of valves to the oil and gas, nuclear and marine industries.”
SCF Partners is described as a specialist investor in energy services with 30 years’ experience of building businesses in North America, Scotland, the Middle East and Australia.
Colin Welsh of SCF will take over from Mr Cochrane as chairman, with Peter Stuart of the private equity firm becoming interim chief executive.
Mr Ritchie’s sons, Conrad and Nelson, will move to consultancy roles for a transition period.
Nelson Ritchie said: “This deal represents a new chapter for the business, its employees and the family. I am hugely proud of what we have achieved at Score and our excellent reputation locally but also, increasingly, around the world. Through our ongoing investment in international expansion and customer service, we have built a firm foundation that provides significant opportunity for sustainable, global growth.”
Conrad Ritchie added: “We are fortunate to have a unique culture at Score. Our people-focused approach is what has made this business special. It’s also what makes us successful and profitable.
"Over the years, those profits have been invested back into the business to further our global growth, enhance our service capability and, most importantly, to train and develop our people. This home-grown pipeline of talent is the backbone of Score and a huge part of the family’s legacy. I am confident we have found the right fit with SCF Partners who understand and respect this legacy.”
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