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Press release - 10 Nov 2021

Balmoral Group sells ACE Winches shareholding to former CEO Alfie Cheyne

 

Balmoral Group can confirm it has 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.”

Alfie 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.”

Ends

About ACE Winches

Based in North Aberdeenshire, ACE Winches is a global leader in the design, manufacture and hire of lifting, pulling and deploying solutions. Founded by Alfie Cheyne in 1992, the company delivers quality service with attention to detail, encompassing only the highest safety standards, creating new and repeat business internationally and in the domestic market.

About Balmoral Group Holdings Ltd

Aberdeen-based Balmoral Group is an independent multi-discipline design and manufacturing company comprising several divisions including Balmoral Comtec Ltd, Balmoral Tanks Ltd and Balmoral Park Ltd.

Founded in 1980 by Chairman and Managing Director, Jim Milne CBE, the company provides industry-leading subsea product solutions for the global energy sector as well as a range of liquid storage products serving the water, wastewater, firefighting and process industries worldwide.

Media Contacts

Andy Groundwater // Head of Media Relations // Fifth Ring // This email address is being protected from spambots. You need JavaScript enabled to view it. // +44 1224 628 088

Steve Gibb, Group Public Relations Manager, Balmoral Group. This email address is being protected from spambots. You need JavaScript enabled to view it., +44 1224 859 000

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Balmoral Park, Loirston, Aberdeen AB12 3GY | +44 (0)1224 859000 | surety@balmoral.co.uk
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