Souter Investments has completed the sale of First Scottish Group, Scotland’s leading independent firm of professional searchers.
First Scottish provides fast, accurate searches and reports for solicitors, conveyancers, estate agents, financial institutions and local authorities.
The company has been acquired by a significant international private investment group with multinational interests across a variety of sectors, and specialism in health care, technology, insurance and financial services. 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.
Fraser says: “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.”
The sale of First Scottish continues a busy period for Souter Investments following recent 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.
John Berthinussen, Investment Director at Souter Investments, who steps down as Chairman of First Scottish, adds: “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.”
Souter Investments has also recently completed the sales of its holdings in Baywater Healthcare UK and Endura, whilst portfolio company Ashtead Technology announced a joint venture with Forum Subsea Rentals, a subsidiary of Forum Energy Technologies, creating the industry’s leading provider of subsea survey and remote operated vehicle (ROV) equipment rental and associated services.
Souter Investments and exiting shareholders were advised by KPMG and Addleshaw Goddard, supported by CMS, Lindsays and Thomson Cooper.