Private equity buyer
Score Group acquired by US-based SCF Partners in £120m deal
Chairman Keith Cochrane: we have found a buyer that understands the business
Score Group, one of the biggest companies in north east Scotland, is being acquired by US-based energy services investor SCF Partners for £120.5 million.
Peterhead-based Score Group is active in valve and industrial gas turbine component supply, maintenance and associated services with a £200m turnover.
The cash deal has been led by Buchan 2, a wholly-owned subsidiary of Houston-headquartered SCF, and values each share in Score at 330.318p.
Score was founded in 1982 by Charles Ritchie and a Family Trust was set up following his death in 2017.
It is the largest employer in Peterhead with 800 of its 1,900 global workforce based in the town.
Having steered the business through the period following Mr Ritchie’s death, the board and the Trust set out to find a buyer who would respect the founder’s legacy.
Chairman Keith Cochrane, former senior executive at ScottishPower and Weir Group, said; “In SCF Partners, we have found a buyer that understands Charles’ ambitions for the business. These were to ensure the long-term growth of the company, creating and safe-guarding opportunities for its employees and maintaining its positive impact on the North-east of Scotland.