Scottish timber company BSW Group has been acquired by Leeds-based private equity firm Endless LLP.
Family-owned BSW, which has its headquarters in Earlston in Berwickshire, is one of the UK's largest forestry businesses.
The future of the company's sawmill at Boat of Garten in the Cairngorms was in doubt last year due to a downturn in sales activity.
BSW Group was founded in 1848 and now employs more than 1,200 people.
The group has seven sawmills in the UK - in Newbridge-on-Wye, Southampton, Carlisle, Dalbeattie, Petersmuir, Fort William and Boat of Garten - and one in Riga, Latvia.
The Fort William site is BSW's largest UK sawmill and employs 193 people.
Endless LLP is planning to grow the business.
Tony Hackney, of BSW Group, said: "This is fantastic news for BSW.
"Whilst it is business as usual, we are excited by the opportunities new ownership will bring us and we look forward to entering a new era of rapid growth and development under Endless' ownership."