Perth-based Edwards Engineering has been acquired by investment group Cartalex for an undisclosed seven figure sum.
The purchase is part of a plan to build a significant new business in the engineering sector in England and Scotland.
The mechanical, electrical and structural engineering firm in Glenearn Road has a workforce of about 50.
The new owners’ intention to grow the firm would see an increase in the number of employees.
The Perth firm was established in 1969 and has delivered projects in food and drink, manufacturing, infrastructure and architectural sectors.
The company also has experience in the agricultural, malting and whisky industries.
The construction of St Johnstone’s McDiarmid Park and the restoration of Rosslyn Chapel were among the projects.
Turnover was £5.5 million in 2015/16, and Ben Carter of Cartelex said the management team were targeting a 20% increase by the end of the next financial year.
The growth will be delivered through building on existing capabilities in the business and managing installation projects across the engineering sector.
Cartalex is an acquisition vehicle buying engineering firms with a track record of growth and technical prowess.
Ben Carter, who leads Cartalex with David Alexander, said: “Edwards Engineering marks the first step in a very exciting plan for the next few years.
“We’re very confident that the business has a lot of potential to be a real engine of growth across the wider group.
“We’re investing in developing relationships across a number of sectors where Edwards has delivered excellent work in the past, and where we think there are opportunities to do more for our customers.
“By targeting a number of other strategic acquisitions to augment our existing capability, we believe we can create a compelling proposition in a market where quality is absolutely critical.”
Lyn Calder of accountants Johnston Carmichael, who advised on the transaction, and is reviewing the market for potential acquisition targets.
She said: “Engineering is a sector where Scottish firms can rightly claim a world-class track record.
“This deal provides Edwards Engineering with a renewed purpose under the new owners.”
The acquisition was made through equity from a number of private investors and banking facilities provided by Barclays.
