Design, engineering, and manufacturing company Balmoral Group has taken a substantial stake in hydraulic winches manufacturer ACE Winches by investing £10 million ($13.5M) in the Turriff-based company.
ACE Winches said on Monday that the investment would strengthen and grow the company’s position as a provider of mooring, lifting, pulling, and deploying solutions provider in more than 50 countries.
“With the new investment ACE is eyeing opportunities to expand its equipment hire business on a global basis, and the two companies recognize the synergies that exist in their organizations. Both are privately owned, both have impressive international track records, and both enjoy global brand recognition,” the company said.
Jim Milne, chairman and managing director of Balmoral Group, said: “ACE Winches has built a very strong reputation for providing world-class deck machinery and lifting solutions and we recognize the potential in the company. Our aim is to help them achieve greater market share on the world stage by identifying and advising on new markets.”
Alfie Cheyne, CEO and founder of ACE Winches, added: “With the combined efforts and expertise of both teams we are confident we can grow the ACE business and brand sustainably and look forward to a mutually beneficial relationship with Balmoral Group.”
As a result of the investment, Jim Milne joins the ACE Winches board as non-executive chairman and Balmoral’s finance director, Bill Main, also joins as a non-executive director.