A Fife-based professional search firm that was majority-owned by Sir Brian Souter’s private investment vehicle has been sold.
First Scottish, based at Dalgety Bay, has been acquired by California-based Eli Global.
The transaction, for an undisclosed sum, completed on August 21 and was announced by Souter Investments yesterday.
First Scottish produces fast, accurate searches and reports for solicitors, conveyancers, estate agents, financial institutions and local authorities.
The First Scottish management team, led by group managing director Ian Fraser, will remain with the company and the business will continue to trade under the First Scottish brand.
Mr Fraser commented: “Having enjoyed a long period under Souter Investments’ ownership, during which First Scottish has gone from strength to strength, we are enthusiastic about our new relationship with our new owners, whose outlook and approach is very much aligned with our goals.
“We are committed to retaining the identity and culture of First Scottish, recognising the strength of the company’s reputation, our market leading offering, and the calibre of our team.
“So, it remains business as usual for First Scottish as we continue to focus on delivering exceptional service to our customers.”
Eli Global, owned by its founder and employees, is a conglomeration of independent portfolios comprising more than 115 businesses with more than 7,500 entrepreneurs, generating over $3 billion in revenue around the world.
Eli’s portfolios operate in 15 different sectors, including health care, technology, insurance and financial services.
The sale of First Scottish continues a busy period for Souter Investments.
It has made investments in DMC Canotec, one of Britain’s largest providers of managed print and document management services, Broadway Partners, a leading provider of broadband services in rural areas, and CoachHire.com, the ‘EdTech’ transport specialist.
Earlier this year it offloaded its majority stake in Baywater Healthcare UK.
John Berthinussen, investment director at Souter Investments, will step down as chairman of First Scottish.
He added: “Ian and his team at First Scottish have built a strong, market leading business focussed on providing true value adding professional expertise and delivering exceptional customer service.
“With the support of Souter Investments, First Scottish has grown substantially, and the company is well positioned as it enters the next stage of its development under new long-term ownership.
“We wish Ian and his team every success in the future.”