Aberdeen-based oil and gas integrity specialist Alba Gaskets (www.albagaskets.com) has completed a management buy-out (MBO) with the help of the corporate finance team at MHA Henderson Loggie and funding from Barclays Bank.

Managing director Gavin Sim and Sigfrid Ruz will head up the new management structure.

Mr Ruz joined the company this year as its operations and technical director, having moved from Colorado.

Mr Sim is one of the company’s founders and has more than 21 years of experience in the gasket sector.

He said: “The support and advice that Sigfrid and I received from MHA Henderson Loggie was integral to getting the deal over the line, and we are tremendously confident in the opportunity we have in front of us.

"With the new structure in place, we look forward to building upon the excellent relationships we have with our existing client base and developing products to meet their specific challenges, while also bringing new products to the market though our in-house manufacturing capability.”

Alba Gaskets announced the MBO during a visit to its premises by Scottish Trade Minister Ivan McKee.

He said: “The oil and gas sector is a key component of our economy and remains integral to a sustainable, secure and inclusive energy transition.

“I wish Gavin, Sigfrid and the team all the very best, as they look ahead to this next chapter for the company.”