Balmoral Group News

Balmoral Group sold its shareholding in ACE Winches to a company led by ACE’s founder and former CEO Alfie Cheyne.As part of Balmoral’s share purchases in 2017 and 2019 the Cheyne family had an option to buy back Balmoral Group’s investment and the deal confirmed today is in line with this agreement. Jim Milne, Chairman and Managing Director of Balmoral Group said: “We have enjoyed working with the management and staff of ACE Winches and wish them all the best for the future.”Cheyne said…

Privately-owned Balmoral Group has sold off its marine division formerly known as Balmoral Marine- and now the Viking Moorings- to a management buy-out team in a $38.8 million deal. At least $17.6 million of the proceeds would be invested in its tanks and advanced composites business, while a further $17.6 million would be used to kick-start long-awaited plans to build a business park on 22 acres of surplus land at the group's headquarters in Aberdeen. The sale to the Viking buy-out team was announced on the opening day of what is scheduled to be a six-week trial to hear the case between Balmoral Group and Borealis. Balmoral claims that a material called Borecene sold by Borealis led to failures in the tanks Balmoral makes for holding chemicals, fuel, oil, sewage and similar fluids.