ASCO, the long-established provider of logistics and solutions to the energy sector, has been sold.
The Aberdeen-based company, which can trace its roots back to the start of the North Sea oil and gas boom in the late 1960s, has swapped one private equity owner for another.
Endless LLP, a British private equity firm which counts Menzies Distribution among its portfolio companies, has acquired ASCO from DH (formerly Doughty Hanson) for an undisclosed sum. DH, also a British private equity outfit, had owned the company since 2011.
ASCO, which has more than 1,000 employees in the UK and a further 500 spread internationally across 60 locations in nine countries, said its acquisition would put the company in a good position to capitalise on opportunities presented by the energy transition.
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It will have a new chief executive from October 2 when Mike Pettigrew takes over from Peter France under a previously announced succession plan.
Mr Pettigrew said: “Over the last few years, ASCO has succeeded in supporting its long-standing existing customer base whilst also expanding into the renewables market, actively contributing to numerous wind projects in the North Sea. Our commitment to supporting all new energy development has led us to build strategic alliances in cutting-edge energy ventures such as carbon capture utilisation and storage and hydrogen.
“Leveraging over 50 years of extensive offshore logistics experience, we look forward to working closely with Andy and the team at Endless to further build on our growth during this exciting period for the energy industry.
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“We have a great team, and I am looking forward to leading ASCO on the next chapter.”
Andy Ross, partner at Endless LLP, said: “We are delighted to support Mike and the entire ASCO team on the next stage of their journey. ASCO is a fantastic business with great potential for further growth.
“It is an exciting time in the energy sector both in the UK and internationally. ASCO is well placed to support its customers to accelerate the energy transition.”
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