The transaction concludes United Capital Group’s five-year ownership of Saltire, which has seen the business secure over £220 million of public sector contracts in the past 12 months alone.

Operating across Scotland and the Midlands, Saltire provides property services and specialises in renewables, gas services and electrical works. The North Lanarkshire-headquartered company employs around 300 people and supports an array of subcontractors and thousands of customers.

Headquartered in Osaka, Japan, and employing more than 100,000 people worldwide, Daikin Industries is a global leader in heat pump, air conditioning and air filtration technology. The company operates globally, with a significant European presence through Daikin Europe NV, which includes Daikin UK. Saltire Facilities Management will now form part of Daikin UK’s operations.

The sale by United Capital Group follows Saltire’s recent 25th anniversary.

Graeme Carling, co-founder of United Capital Group, said: “We’re incredibly proud to conclude our five-year ownership of Saltire with this transformational deal. The business was already a trusted name in housing and property services, but through targeted investment and strategic support, we helped unlock its potential, leading to the most successful period in its 25-year history.

“Securing over £220m in new public sector contracts and achieving record growth has not only safeguarded hundreds of jobs, it also has made Saltire an attractive proposition for the world’s biggest name in HVAC.

“Bringing investment from Daikin Industries into the Scottish economy secures Saltire’s future and creates exciting opportunities for the region. This is the United Capital model in action, identifying great businesses and building them into globally attractive enterprises.”