Dominion Gas has been sold to the largest industrial gases company in the Americas.
The Aberdeen firm has been acquired by Connecticut-based Praxair for an undisclosed sum.
The Press and Journal reported earlier this month that a sale was planned, but the deal was only confirmed yesterday.
Praxair has bought Dominion’s ultimate parent, Dominion Technology Gases Investment (DTGI), which was majority owned by private-equity firm Graphite Capital.
Other shareholders in DTGI included current and former directors.
The business supplies gas to the offshore industry. It employed 84 people and had annual turnover of £30.5million last year, while operating profits came in at £4.7million.
Turnover is expected to reach £36million in 2013.
Scott Kaltrider, vice-president for helium and oil and gas services at 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.”
Dominion will be at the centre of Praxair’s global offshore oil and gas operations, which will have its headquarters in Aberdeen.
Russel Davies, group managing director at Dominion, said: “The combination of the Dominion offshore services model and Praxair’s industrial gas infrastructure and oil and gas expertise will enable an unparalleled level of service to our customers globally.
“Additionally, the opportunity for our employees to join a world-class organisation like Praxair is exciting for the Dominion team as well.”
Dominion was founded in 1987 by Gareth Jones, who sold the business to Graphite and a new management team – led by Aberdeen businessman George Yule – 20 years later.
Mr Yule remained as chief executive until 2010, when he stepped down to be succeeded by Mr Davies.
In addition to its Aberdeen headquarters, the firm also has bases in Norway, Singapore and west Africa and serves nearly 25 countries.
Praxair, founded in 1907, employs some 27,000 people in 50 countries and had turnover last year of more than £7billion.
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