Aberdeen oil services company Proserv has completed a sponsor-backed management buy-out as it aims to accelerate its growth, and announced the introduction of an employee ownership scheme, in what it is hailing as a “significant milestone” in its 60-year history.

Led by Proserv chief executive Davis Larssen and chief financial officer Mark Fraser, the multi-million-pound deal is backed by GIIL, a UK-based investment vehicle of Glenn Inniss, the founder and owner of the GII Finance Group.

For the past two years, GIIL, through its subsidiary GII Finance Group, has supported the financing of Proserv alongside investment funds and accounts managed by the Aberdeen company's exiting shareholders, Oaktree Capital Management LP and KKR.

Proserv, a global controls technology specialist which employs more than 200 people in Scotland and highlighted its expansion in renewable energy, noted that it had during this period reported a 34% rise in annual turnover.

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Oaktree and KKR have exited their equity holdings in Proserv with the transaction.

Proserv employs around 335 people in the UK, with 170 in Aberdeen, 33 in Cumbernauld, and 132 in Great Yarmouth.

The Aberdeen oil and gas services company said: “This transition enables Proserv to accelerate its five-year growth trajectory and extend its market presence in renewables while continuing to deliver exceptional value to its customers across its core business of oil and gas.”

Proserv noted it “employs around 800 people across 13 strategically located facilities in the UK, Europe, America, the Middle East and Asia Pacific”.

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It added: “With an established customer base that serves major E&P (exploration and production) organisations and independent operators with subsea and topsides controls solutions as well as other infrastructure maintenance support services globally, Proserv is also establishing a leading role in the renewables transition with its propriety ‘ECG’ holistic subsea cable monitoring system.”

Mr Larssen, who has been with the business for nearly 15 years, said: “Mark and I are thrilled to embark on this new chapter with GIIL’s strategic alignment as we progress on our journey to becoming the energy sector’s leading independent controls technology partner of choice."

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He added: "We currently have approximately 50% market share in providing leading-edge subsea control systems in the North Sea and the Gulf of Mexico. Our ability to deliver solutions for both new developments and upgrading obsolete control systems to extend the life of older fields is of increasing importance as the world focuses on energy security, energy independence, lower carbon emissions, and a measured transition to a balanced energy portfolio.

"Our immediate goal now is to build on our strong reputation and strengthen our presence in offshore wind, where there is a growing appetite for OEM (original equipment manufacturer)-agnostic warrantied controls technologies for safe and reliable wind farm operations.”