North-east firm Divex is under new ownership after being snapped up in a deal which is potentially worth £33million.
The Westhill-based company, known the world over for its diving and subsea equipment, was acquired by marine service group James Fisher and Sons.
A spokeswoman for Fisher said Divex was debt-free and the £20million purchase price would be split between the firm’s joint managing directors, Derek Clarke and Doug Godsman, with stakes of roughly 50% and 25% respectively, plus other shareholders and senior managers.
A further payment of up to £13million is linked to future financial performance.
Divex has manufacturing, sales and support operations in Stirling and London, as well as Germany, Dubai, South Africa and Australia.
It said it was business as usual for its 274-strong workforce, including 188 people at Westhill.
The firm added it was on the “cusp of another significant period of growth”, thanks to global demand for replacement diving support vessels.
Mr Clarke, who joined the business in 1987 and led a buyout in 1990, said: “We actually started the process of finding a suitable parent company some three years ago and we sought a company where we had a good fit and a similar ethos and culture.
“We thought James Fisher would be an excellent parent back then and the discussions that have taken place over the passing months only reinforced that view.
“Our dual market sectors of oil and gas and defence fit perfectly and we will functionally operate within James Fisher Marine Services.”
He added: “We are very comfortable with this development, which provides a far more stable foundation to enable Divex to go to the next level.”
Fisher chief executive Nick Henry said: “We believe that it (Divex) will fit well with our group both in terms of its market, customers and geographical spread.”
Divex turned over £34.2million in the year to November 30, 2012, producing £4.6million of earnings before interest, taxation, depreciation and amortisation.
Cumbria-based Fisher, which yesterday reported an 18% jump in both underlying pretax profits and revenue to £35.4million and £363.3million respectively, owns a string of other businesses in the north-east.
These include Dyce firm RMSpumptools, Inverurie-based consultant Buchan Technical Services and Oldmeldrum company Fisher Offshore.
Aberdeen-based gas service firm RigCool joined the group in September 2010 in a £4.4million deal.
Ian Knott, an associate director in KPMG’s corporate finance team in Aberdeen, advised Divex in its sale process.
He said it was a “great example” of how a successful transaction can be agreed without the need for an extensive auction process, adding: “It is also another example of the continuing strong appetite for M&A (mergers and acquisitions) in the wider oilfield services sector.”