Dominion Gas, which supplies gases used for diving, welding and testing as well as to offshore oil and gas companies, has been bought by three of its managers.

The buy-out team was led by chief executive George Yule and supported by fellow directors Paul McAlister and Gerry Stephens.

The value of the deal has not been disclosed, but the company was sold by founder Gareth Jones.

Post completion, the board has been strengthened by the appointment of Bryan Park as finance director and Morris McBride as chairman.

With its headquarters in Aberdeen, Dominion’s largest market is the North Sea, but with production plants in Singapore, Stavanger and a second Norwegian plant about to open in Bergen, the north-east firm is poised for rapid future international growth.

The buy-out team was backed by mid-market private equity firm Graphite Capital, which has taken a majority shareholding in exchange for its investment.

Graphite’s investment was led by partner Mike Innes, who said the firm would continue to work with the management team to grow the business internationally.

The firm’s investment was complemented by a package provided by RBS Structured Finance that comprised acquisition finance, working capital and debt.

The buy-out team was advised by law firm Stronachs.