The business was acquired from Murray International Holdings Ltd in a £34.5 million transaction.

The deal comes just days after Dunedin announced its exit from conference and training venues business etc.venues, which saw Dunedin realise more than 3x on its investment.

Premier Hytemp is headquartered in Edinburgh with manufacturing facilities in Edinburgh, Sheffield and Singapore. It also has operations in Calgary, Canada and will shortly open a base in Dubai.

The company was formed in 2008 when Premier Alloys Limited (established in 1985) acquired Hillfoot Steel Limited (which owned Hytemp Limited, itself established in 1976).

The Group turns over in excess of £42 million and supplies complex, high integrity machined parts on short lead times to the offshore and onshore oil and gas sector globally, with some 200 employees worldwide.

Dougal Bennett, the partner who led the deal for Dunedin and who joins the board of Premier Hytemp comments, ‘Premier Hytemp fits with Dunedin’s strategy of investing in UK-headquartered companies that are market leaders in their niche and which have strong international growth prospects.

‘Commercially, Premier Hytemp is one of a few companies within its sector that has the requisite engineering skills, customer approvals, certifications and geographical reach to meet the increasingly demanding needs of this global industry.’

Premier Hytemp CEO Donald Wilson adds, ‘We have seen how Dunedin works with its portfolio companies to grow their operations internationally and we believe that this offers a very exciting opportunity for us.

‘We have developed a good relationship with the entire Dunedin team and with their help, in addition to our continuing focus on first class customer service, we want to further develop the Middle Eastern, North American and South American markets.’