The Goole-based firm’s buyout has been supported by Yorkshire businessman Ken Davy.
Mr North and Mr Davy are no strangers to the emergency services market after growing their previous company firefighting equipment supplier North Fire, before it was acquired in 2014.
O&H has been owned by Leeds-based private equity company Endless LLP since 2016.
In January 2019, Endless appointed Mr North to lead the business into the next stage of its development.
Following the buyout, Mr Davy will assume the role of chairman in support of managing director, Oliver North.
Sarah Turvey has also joined the new board, to drive operational and financial efficiency.
Mr North said: “After being drafted in by Endless at the turn of the year, we knew the company needed new energy, direction, and deeper relationships in its key markets.
“After eight successful months, we’ve seen improvements in all aspects of the company and during this time I’ve grown to admire every facet of it.
“Not only do we employ well over a hundred skilled staff, but we build ambulances, one of the most essential and vital ‘tools’ for serving the public.
“The pride we feel in seeing O&H ambulances go out of the door is immense, which was one of the key factors in my decision to lead this MBO.”
Mr Davy said: “Oliver has always impressed me with his energy and enthusiasm. When he highlighted this new opportunity for us to work together on the MBO of O&H Vehicle Technology, I jumped at the chance.”
Mr North added: “Ken came into my previous company as chairman and mentored me in aspects of business which I needed teaching, back in 2011.”
Matthew Jubb, partner at Endless, said: “We invested into O&H at a time that nobody else would; the business urgently needed our support and we set about rescuing a great brand in UK manufacturing, protecting employment and making O&H fit for its future development.
“It is now time for the management team, with the support of the new shareholders, to take O&H on to an even greater success.”