HARROGATE oil and environmental services firm Adler and Allan has been bought out in a deal with by private equity house LDC.

Adler and Allan (A&A), which was founded in 1926, is headquartered in Harrogate, with more than 450 employees.

The Group serves the power, utility, telecoms, corporate and on-shore oil and gas sectors in the UK through its network of 24 depots, and this year expects to report record revenues in excess of £60 million.

Since 2005, A&A has made a number of bolt-on acquisitions to expand its proposition. Notably, in 2009, the Group acquired E&S Environmental Services and in 2011, A&A acquired AJ Bayliss Petroleum Engineers.

LDC has taken a significant minority stake in A&A, with the backing of senior debt facilities from HSBC.

The investment will support the organic growth of the business, development of its existing product and service offering and deliver funds for opportunistic acquisitions. The transaction provides an exit to Spirit Capital, which invested in the business in 2007 as Aberdeen Asset Managers Private Equity before its eventual spin-out.