Marine Link
Thursday, March 28, 2024

Balmoral Group sells ACE Winches shareholding to former CEO Alfie Cheyne

Maritime Activity Reports, Inc.

November 11, 2021

(Photo: ACE Winches)

(Photo: ACE Winches)

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, “Balmoral has been incredibly supportive to ACE Winches over the last few years and has positioned the business well for continued growth. “I look forward to an exciting new chapter ahead in the development of the business.”

Subscribe for
Maritime Reporter E-News

Maritime Reporter E-News is the maritime industry's largest circulation and most authoritative ENews Service, delivered to your Email five times per week