Scotland business

Aberdeen firm Screw Conveyor sold in £5m deal

Aberdeen-based oil and gas services company Screw Conveyor has been bought by a private equity firm.

Azure Investments paid £5m for the business, which specialises in designing and supplying conveyors that move waste materials away from drilling sites.

Law firm HBJ Gateley advised Azure on the acquisition.

Azure chairman John Stodart said the business was highly profitable and well-positioned to expand abroad.

He said: "We have very ambitious growth targets for the business which we are confident we can achieve given the existing strength of the order book and the pipeline of opportunities in overseas markets.

"We have very good relationships with the rig operators in Russia and a strong presence in Kurdistan and Iraq, as well as Saudi Arabia and Dubai.

"Our plan to have fabrication plants in both Dubai and Singapore will help consolidate on our success to date."

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