ENDLESS LLP ACQUIRES ASCO GROUP

Private equity firm Endless LLP acquired ASCO on 11 August 2023. Headquartered in Aberdeen, Scotland, ASCO is a leading global provider of multi-site integrated supply base operations to the energy industry handling over 1.3 million tonnes of cargo each year with an overall warehouse footprint in excess of 150,000m².

ASCO has over 1,000 employees in the UK with a further 500 across its international operations. It operates from 60 strategically placed locations in nine countries across six continents serving offshore energy operators, developers and major service companies in the renewables, new energy, oil & gas, and decommissioning markets.

The acquisition by Endless will further strengthen ASCO’s position in the growing renewables and new energy markets, enabling it to capitalise on the increasing opportunities presented by the global energy transition.

Andrew Ross, Endless Partner comments: “ASCO is a fantastic business servicing a blue-chip customer base across its global operations with great potential for further growth.

“It is an exciting time in the energy sector both in the UK and internationally and ASCO is well placed to support its customers to accelerate the energy transition. We are looking forward to supporting Mike and the entire ASCO team to deliver the global opportunities available to the business across both current and new service lines.”

Endless will continue to support the current management team, including the planned transition of a new CEO as Mike Pettigrew assumes the role from Peter France on 2nd October.

Mike Pettigrew adds: “Over the last few years, ASCO has succeeded in supporting its longstanding 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 projects.

“Leveraging over fifty years of extensive offshore logistics experience with our focussed approach to sustainability, we’re well positioned to capitalise on the significant opportunities arising from the energy transition.  We look forward to working closely with Endless to further build on our growth during this exciting period for the energy industry.

The deal has been funded from Endless Fund V which invests in UK mid-market companies to support them on their transformation journey. Other businesses currently in the Endless investment portfolio include: KTC – the UK’s leading supplier of edible oils to the food industry; Menzies Distribution – the UKs leading time-sensitive logistics business; as well as heritage bakery brand Hovis.

The Endless deal team was led by Andy Ross, Stefan Nowakowski and Jon Duffy, with financial due diligence support from Kerry Battiscombe, Sian Williams and Kayleigh van Eyk. Endless were advised by Walker Morris (Legal); KPMG (Tax); Lodestone (Political); Jacksonbreen (IT); and PwC (Debt).

Advisors for the vendors were Piper Sandler (Corporate Finance); Ashurst (Legal); and Deloitte (Financial and Tax Due Diligence). Management were advised by Burness Paull (Legal).