UK Private Equity Firm, Endless LLP, Completes Acquisition of Aberdeen-based ASCO Group
Posted 14/08/2023 10:21
A significant development in the energy logistics sector unfolds as UK-based private equity firm, Endless LLP, finalizes its acquisition of ASCO Group, a prominent energy sector logistics business headquartered in Aberdeen. The move is set to ignite transformative growth for ASCO Group, allowing it to venture further into the burgeoning renewables and new energy markets.
The undisclosed acquisition marks a pivotal moment in ASCO's evolution, bolstering its foothold in the industry and propelling its expansion into the dynamic landscape of sustainable energy solutions.
With more than 1,000 employees within the UK and an additional 500 across international operations, ASCO Group boasts a global presence. Operating across 60 locations in nine countries across six continents, it serves offshore operators, developers, and major service companies across multiple sectors, including renewables, new energy, oil and gas, and decommissioning.
The acquisition aligns seamlessly with ASCO Group's strategic direction, poised to capitalize on the surging potential within the renewables and new energy markets. The appointment of Mike Pettigrew as Chief Executive, effective from 2nd October, ensures a smooth transition into the next phase of ASCO Group's growth journey.
Reflecting on this transformative move, Mike Pettigrew emphasized ASCO's successful track record of supporting its existing customer base while venturing into renewables. He highlighted the company's involvement in various wind projects within the North Sea and its commitment to fostering strategic partnerships in cutting-edge energy ventures, including carbon capture utilization and storage and hydrogen.
Andy Ross, a Partner at Endless, expressed enthusiasm for the partnership, underscoring ASCO's pivotal role in accelerating the energy transition, particularly in the UK and international energy sectors. The alignment of ASCO's capabilities with the evolving energy landscape positions it strategically to facilitate this transition effectively.
Advisory support played a crucial role in the transaction, with Piper Sandler providing corporate finance guidance, Ashurst offering legal insights, and Deloitte handling financial and tax due diligence for the vendors. ASCO Group's management sought legal counsel from Burness Paull.
The acquisition aligns with Endless's strategic vision, positioning ASCO Group as a cornerstone of sustainable energy advancement. As ASCO Group's journey embarks on this transformative trajectory, it marks an exciting phase in the energy industry's evolution toward a greener and more sustainable future.