The Press and Journal (Inverness, Highlands, and Islands)
Ashtead and Ace Winches join forces
There was a significant deal in the north-east at the end of last year when Ashtead Technology took over Ace Winches.
Westhill-based Ashtead acquired Ace, which has its headquarters at Towie Barclay Works, near Turriff, from founders Alfie and Valerie Cheyne for £53.5 million.
The transaction saw the buyer’s headcount increase from 320 to more than 520, with around 400 based in Aberdeenshire.
Ashtead chief executive Allan Pirie said: “The deal provides strong industrial logic, adding complementary capabilities to bolster our mechanical solutions service line to deliver an enhanced and more integrated offering to our customers.
“With a 31-year operating heritage, Ace Winches is a global market leader in its field with an unrivalled reputation. It has been a business we have admired and followed for a while as we share similar values and strengths, including a relentless commitment to quality, service and operational excellence.
“Both businesses have deep-rooted history and heritage in Aberdeenshire, whilst delivering for our customers globally.”
Mr Pirie added: “As a combined business, we will continue to strengthen our capabilities in Aberdeenshire.”
He said the enlarged company aimed to do this while “leveraging our strong international footprint and infrastructure to drive continued international expansion of our business, and deliver Ashtead Technology products and services to a larger global customer base.”
Mr Cheyne said: “Ashtead Technology is an outstanding business with a firstclass reputation. The clear synergies between both companies will give us the platform required to accelerate our growth.”
Ace was Ashtead’s eighth buy in the past six years and followed acquisitions of two other Aberdeenshire firms, WeSubsea and Hiretech, in 2022.
In 2021, Aberdeen’s Balmoral Group sold its holding in Ace back to Mr Cheyne. Balmoral had built a 70% stake in Ace from 2017-19.
The Granite City firm said the Cheyne family had exercised an option allowing it to buy Ace back.