First Scottish acquired by US firm for undisclosed sum

Souter Investments has sold search company First Scottish to US firm Eli Global for an undisclosed sum, it announced yesterday.

First Scottish produces searches and reports for solicitors, local authorities, financial institutions and others.

Led by group managing director, Ian Fraser, the First Scottish management team will remain with the business, which will continue to trade under its current brand.

Mr Fraser said: “Having enjoyed a long period under Souter Investments’ ownership, during which First Scottish has gone from strength to strength, we are enthusiastic about our new relationship with our new owners, whose outlook and approach is very much aligned with our goals.

“We are committed to retaining the identity and culture of First Scottish, recognising the strength of the company’s reputation, our market leading offering, and the calibre of our team.

“So, it remains business as usual for First Scottish as we continue to focus on delivering exceptional service to our customers.”

Eli Global comprises more than 115 businesses from various sectors and generates in excess of $3 billion in revenue.

First Scottish chairman, John Berthinussen, investment director at Souter Investments, will step down from his role.

He said: “Ian and his team at First Scottish have built a strong, market leading business focussed on providing true value adding professional expertise and delivering exceptional customer service.

“With the support of Souter Investments, First Scottish has grown substantially, and the company is well positioned as it enters the next stage of its development under new long-term ownership.

“We wish Ian and his team every success in the future.”

Souter Investments was advised by KPMG and Addleshaw Goddard, supported by Lindsays, CMS and Thomson Cooper.