July 17, 2024
Endless backed ASCO completes £80 million multi-jurisdictional refinancing
ASCO has completed an £80 million refinancing, with BZ and Leumi ABL. This multi-jurisdictional facility, structured and led by BZ, consists of receivables, work in progress, property, and a cash flow loan. The comprehensive funding package supports entities in the UK, Norway, and Canada.
Following the acquisition by Endless in August 2023, ASCO is focused on growth opportunities in the UK and overseas as well as exciting prospects in renewable energy. Established for over 50 years, ASCO is a leading materials management and logistics company in the global energy industry. ASCO operates various business units across the UK, Norway, Canada, Australia, Trinidad and Senegal that provide shoreside logistics and a range of complementary services. Its client base comprises large energy companies seeking end-to-end logistics from a single provider.
This transaction with BZ and Leumi is a transformative step forward for ASCO, significantly strengthening our balance sheet. It enables the Group to accelerate our growth strategy and capitalise on the numerous opportunities we see in both current and future markets. We have received incredible support from Endless and our advisors in successfully delivering this facility, and we look forward to our partnership with BZ and Leumi helping us achieve our growth aspirations across the entire energy industry.
Tony Wright, CFO of ASCO
ASCO is an important investment for Endless and we’re delighted to have completed this refinancing with a lender club that can accommodate the multi-jurisdictional elements of the business and, alongside Endless, support their continued growth.
Andrew Ross, Partner, Endless
ASCO’s vision to strengthen its position as a leading global provider of supply base operations to the energy industry is compelling, and PwC is delighted and proud to have been given the opportunity to deploy its experienced, cross functional Debt and Capital Advisory team to assist Endless and the business in conveying this story to the debt markets, and structure the right facilities for the company.
Richard Siddall, Debt & Capital Advisory Partner, PwC
The process was very competitive, confirming strong market appetite for robust and well positioned businesses like ASCO. We are confident that the business, with its expert leadership, supportive owner and collaborative lenders, is well placed to deliver on the opportunities presented by the global energy transition.
