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A Gateshead-based UK coatings consultancy for the marine, protective and yacht sectors has been acquired by a Danish company.
Founded in 1998, Safinah provides a range of services such as coatings project management, coating specification and technology development.
Investment from TPO Holdings will support Safinah’s international growth strategy, adding an established client base of vessel operators and owners of offshore assets to complement its paint, insurance and shipbuilding clients.
Safinah’s management team, including founding shareholder and Managing Director Dr Raouf Kattan, and its 15-strong workforce will remain with the company.
Dr Kattan said: "Becoming part of TPO Holdings Danmark will secure the future of the business and create opportunities by accessing new and complementary markets.
"The business has enjoyed steady, positive growth for 20 years, based on the expertise and coatings industry knowledge of our talented workforce who will become valuable additions to TPO Holdings Danmark’s operations."
Peter Wilhelmsen, partner from TPO Holdings Danmark, added: "We have been impressed with the market position Safinah has established in the coatings industry and we believe that its services will be of real value to our existing and future clients.
"The North East of England has a strong reputation for engineering and manufacturing, particularly in the marine industry and Safinah brings that expertise to our organisation."
North East commercial law firm Square One Law advised Safinah on the transaction, with financial advice being provided by Sterling Corporate Finance.
Marie-Louise Bozonet, corporate partner at Square One Law, said: "It was a pleasure to work with Raouf and his team.
"TPO Holdings Danmark and Safinah Ltd have a number of synergies and complement each other very well within the marketplace, and the sale will allow the business to continue to grow and expand as part of a larger, international group of companies."