Investment house Soul Pattinson has bought out Hunter-based electrical engineering company Ampcontrol.
Soul Pattinson has held a majority shareholding in Ampcontrol since 2005 and will acquire the remaining shareholdings from other investors, including co-founder Peter Cockbain.
Ampcontrol is based at Tomago and has operations in Cameron Park, Thornton, Warabrook and Warners Bay.
It employs 850 people in 30 operations in Australia, Hong Kong, Singapore and Mongolia. Its Hunter workforce numbers 680.
The company's name is emblazoned on the front of the Newcastle Jets' away jerseys.
Ampcontrol said in a media statement on Tuesday that the acquisition would have no impact on trading, branding, orders, workforce, sponsorships or operations.
It said the buy-out "backs strategic plans for growth and expansion in renewable energy manufacturing to support the transition to a low-carbon economy".
The company designs and manufactures high-voltage transformers, substations, self-powered water purification units, hydrogen energy storage systems and other cutting-edge technology for the resources, infrastructure and energy sectors.
Mr Cockbain and co-founders Neville Sawyer, Keith Grant and Tony Studdert started the business in a small shed in Newcastle in 1968.
Prime Minister Scott Morrison toured the company's Tomago headquarters in November.
The new owner, whose full name is Washington H. Soul Pattinson, has significant investments in natural resources, building materials, telecommunications, retail, agriculture, property and corporate advisory.
Ampcontrol managing director and chief executive officer Rod Henderson said the acquisition marked a new era for the company.
"The increased investment by WHSP cements ongoing commitment to our strategic business plan for the continued growth of our business, as well as allowing us to take advantage of various synergies, partnerships and expansion opportunities across new and emerging domestic and international markets that will better serve our customers, industry and community in an ever-changing global landscape," he said in the media statement.
"We are immensely proud of our humble beginnings and the legacy that has been built over the past 54 years."
WHSP managing director Todd Barlow said Ampcontrol was "uniquely positioned to capitalise on the decarbonisation thematic with its people, technology and services".
"The founders of Ampcontrol, in particular Peter Cockbain, have created a great platform business, and WHSP is excited to be investing further in its next stage of growth," he said.
